Merrill Lynch to sell $10 million strategic return notes linked to Industrial 15

By Jennifer Chiou

New York, March 8 - Merrill Lynch & Co. said it plans to price $10 million of 0% strategic return medium-term series C notes due April 2011 linked to the Industrial 15 index, according to a 424B3 filing with the Securities and Exchange Commission.

The notes will be priced at par of $10.00.

Payout at maturity will be $9.90 multiplied by the return on the index. In addition, the index level will be reduced by a 1.5% adjustment factor annually, reducing the return by 7.23% over the life of the notes. To receive at least par, the index level must increase by about 1%.

Holders can exchange the notes ahead of maturity during a period in March each year.

The notes are expected to settle in April.

Merrill Lynch said it applied to have the securities listed as "SRIB" on the Nasdaq National Market.

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