Merrill Lynch to hold change-of-control tender offer for LYONs; conversion rate to be adjusted

By Angela McDaniels

Tacoma, Wash., Dec. 15 - Merrill Lynch & Co., Inc. said it will hold a change-of-control tender offer for its Exchange Liquid Yield Option Notes due 2032 following the completion of its upcoming merger with Bank of America Corp.

The merger is expected to close on Jan. 1, according to an 8-K filing with the Securities and Exchange Commission.

The LYONs will also become convertible into an amount in cash equal to 14.4850 shares of Bank of America common stock per $1,000 original principal amount.

In the meantime, holders can convert each $1,000 original principal amount of notes into a cash amount equal to 16.8528 shares of Merrill Lynch common stock until 15 days after the merger is completed.

Merrill Lynch is a New York investment firm, and Bank of America is a bank based in Charlotte, N.C.

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