By E. Janene Geiss
Philadelphia, March 21 - Merrill Lynch & Co., Inc. priced $15.5 million notes due March 21, 2022 linked to the 30-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 at least 7.5% for the first two years. From March 21, 2009 onwards, interest will be 7.5% times the proportion of days during the interest period that the spread of the 30-year CMS rate over the two-year CMS rate is greater than or equal to zero. Interest will be payable quarterly.
The notes will be callable on any interest payment date on or after March 2009 at par plus accrued interest.
The payout at maturity will be par plus accrued interest.
Merrill Lynch & Co. is agent.
| Issuer: | Merrill Lynch & Co., Inc.
|
| Issue: | Medium-term notes
|
| Underlying rates: | 30-year and two-year constant maturity swap (CMS) rate
|
| Amount: | $15.5 million
|
| Maturity: | March 21, 2022
|
| Interest: | 7.5%, payable quarterly; From March 21, 2009, interest will be 7.5% times the proportion of days during the interest period that the spread of the 30-year CMS rate over the two-year CMS rate is greater than or equal to zero
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Call: | On interest payment dates starting March 21, 2009 at par
|
| Pricing date: | March 19
|
| Settlement date: | March 21
|
| Agent: | Merrill Lynch & Co.
|
| Underwriting discount: | 1%
|
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