Published on 5/10/2002 in the Prospect News Convertibles Daily.
New Issue: Merrill Lynch sells $41.41 million 8% STRIDES payable with Adobe
New York, May 10 - Merrill Lynch & Co., Inc. priced $41.41 million of 8% Callable Stock Return Income Debt Securities (STRIDES) due May 14, 2004 payable at maturity with Adobe Systems Inc. common stock, according to a filing with the Securities and Exchange Commission.
The senior unsecured debt was priced on May 8 via underwriter Merrill Lynch & Co.
Unless called first, the STRIDES exchange one for one into Adobe stock at maturity.
Issuer: | Merrill Lynch & Co., Inc.
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Issue: | Callable STock Return Income DEbt Securities (STRIDES)
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Amount: | $41.41 million (one million units)
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Maturity: | May 14, 2004
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Coupon: | 8%, payable quarterly
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Price: | Par of $41.41 (closing level of Adobe stock on May 8, day STRIDES were priced)
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Exchange ratio: | 1
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Call: | May 15, 2003 onwards at price to give yield to call of 22%
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Listing: | "ADY" on American Stock Exchange
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Settlement: | May 14
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