Published on 5/12/2006 in the Prospect News Biotech Daily and Prospect News Convertibles Daily.
New Issue: Merrill Lynch prices $15 million 3% capped appreciation notes linked to biotech stock basket
By Jennifer Chiou
New York, May 12 - Merrill Lynch & Co., Inc. priced $15 million of 3% capped appreciation notes due May 12, 2008 linked to a basket of five biotechnology stocks, according to a 424B3 filing with the Securities and Exchange Commission.
The basket includes equal weights of the stock of Amgen Inc., Cephalon, Inc., CV Therapeutics, Inc., Gilead Sciences, Inc. and Sepracor Inc.
At maturity, the notes pay an amount determined according to any gain on the index basket, capped at 25%. Investors have full exposure to any decline.
| Issuer: | Merrill Lynch & Co., Inc.
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| Issue: | Capped appreciation medium-term senior unsecured series C notes
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| Underlying basket: | Amgen Inc., Cephalon, Inc., CV Therapeutics, Inc., Gilead Sciences, Inc., Sepracor Inc., equally weighted
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| Amount: | $15 million
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| Maturity: | May 12, 2008
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| Coupon: | 3%, payable monthly
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| Price: | Par
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| Payout at maturity: | Par plus any gain on the basket, capped at 25%; full exposure to any decline
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| Call: | Non-callable
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| Pricing date: | May 2
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| Settlement date: | May 11
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| Underwriter: | Merrill Lynch & Co.
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