Merrill Lynch accepts $1.59 billion LYONs in change-of-control offer

By Susanna Moon

Chicago, Feb. 24 - Merrill Lynch & Co., Inc. said that investors tendered $1,594,386,000 principal amount of its outstanding Exchange Liquid Yield Option Notes due 2032.

The offer expired at 5 p.m. ET on Feb. 23. It began on Jan. 22.

The company previously said it will pay a purchase price equal to $1,095.98 per $1,000 original principal amount.

On Jan. 5, the company said that each of its LYONs was convertible into 14.485 shares of Bank of America Corp. common stock, following Bank of America's acquisition of Merrill Lynch on Jan. 2. Merrill Lynch shareholders received 0.8595 of a Bank of America share for each Merrill Lynch share held.

The Bank of New York Mellon is the paying agent.

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

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