NEW YORK, May 4 /PRNewswire/ -- Merrill Lynch & Co., Inc. (NYSE: MER)
announced today that it is exercising its option to redeem all of its
outstanding 7-1/4% STRYPES(SM) due June 15, 1999.
Each STRYPES security will be redeemed for $76.106. This redemption price
is payable in shares of common stock of American International Group (AIG)
based on a price of $122.2125, the average of the closing prices of AIG stock
on the NYSE over the period April 26 through April 30, 1999. Thus, each
STRYPES holder will receive 0.622735 shares of AIG common stock per STRYPES.
The redemption date is June 15, 1999.
In addition, holders of record as of May 31, 1999 will be entitled to
receive the final scheduled interest payment on the STRYPES payable on June
15, 1999.
In 1996, Merrill Lynch & Co., Inc. sold 3,000,000 of these STRYPES, which
at the time were exchangeable for shares of SunAmerica Inc. common stock or
the cash equivalent. Since the offering, SunAmerica has merged with AIG.
SOURCE Merrill & Lynch Co., Inc.
 back to top
Related links:
http://www.merrilllynch.com
Company News On-Call:
http://www.prnewswire.com/comp/555800.html or fax,
800-758-5804, ext. 555800
CONTACT:
Timothy Gilles of Merrill Lynch & Co., Inc.,
212-449-0475
|
