By E. Janene Geiss
Philadelphia, May 31 - Merrill Lynch & Co., Inc. priced a $3 million issue of principal-protected notes due May 31, 2022 linked to the 30-year, 10-year and two-year Constant Maturity Swap (CMS) rates, according to a 424B3 filing with the Securities and Exchange Commission.
The notes will bear interest at a fixed rate of 9% for the first year.
From May 31, 2008 onwards, interest will be 9% times the proportion of days during the interest period that the 30-year CMS rate is greater than the 10-year CMS rate and the 10-year CMS rate is greater than the two-year CMS rate. Interest will be payable quarterly.
The notes are non-callable.
The payout at maturity will be par plus accrued interest.
Merrill Lynch & Co. is underwriter.
| Issuer: | Merrill Lynch & Co., Inc.
|
| Issue: | Medium-term notes
|
| Underlying rates: | 30-year, 10-year and two-year Constant Maturity Swap (CMS) rates
|
| Amount: | $3 million
|
| Maturity: | May 31, 2022
|
| Coupon: | 9% for first year; from May 31, 2008, 9% times the proportion of days during the interest period that the 30-year CMS rate is greater than the 10-year CMS rate and the 10-year rate is greater than the two-year CMS rate; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par plus accrued interest
|
| Call: | Non-callable
|
| Pricing date: | May 29
|
| Settlement date: | May 31
|
| Underwriter: | Merrill Lynch & Co.
|
| Fees: | 0.3%
|
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