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Merrill Lynch STEP Income Securities linked to Apple Inc. due 6/25/2009
Ticker Symbol: AXD* CUSIP: 59023V324 Exchange: AMEX
* NOTE: This security is no longer trading as of 6/25/2009
QUANTUMONLINE.COM SECURITY DESCRIPTION: Merrill Lynch & Co. Inc., STEP Income Securities, issued at $10 per unit, due 6/25/2009 and linked to the price of Apple Inc. (Nasdaq: AAPL) common stock. The securities can not be redeemed prior to maturity and make no guarantee of the return of principal at maturity. Income distributions of 12.10% ($1.21) per annum will be paid quarterly on 9/25/08, 12/25/08, 3/25/09 and 6/25/2009. The starting (volume weighted average) price of Apple stock is $182.2017. At maturity, the STEPs will pay a 5.00% step payment if the price level of Apple common stock on the fifth business day prior to the maturity date is greater than or equal to the step level of $204.2481 (112.10% of the starting price). If the ending price at the maturity date is greater than or equal to the threshold price of $163.9815, the payment at maturity will be $10.00. If the ending price at maturity is less than the threshold price, the maturity payment will be equal to the decline in the price of the stock less 10%. If the price of Apple common stock has decreased during the term of the securities, the value of the common stock delivered at the maturity date will be be less, and possibly significantly less, than the original purchase price of the STEPs. See page TS-3 of the prospectus for hypothetical maturity payments and page TS-8 for a discussion of the tax considerations of the STRIDES. The STEPs are senior unsecured debt securities of Merrill Lynch & Co. Inc. and rank equally with all other unsecured and unsubordinated debt of Merrill Lynch. See the IPO Prospectus for further information on the income payments, maturity payment and the STEPs in general by clicking on the ‘Link to IPO Prospectus’ provided below.
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Go to Parent Company's Record (AAPL)
IPO - 6/18/2008 - 3.90 Million Units @ $10.00/unit.
Link to IPO Prospectus
Market Value $39.0 Million
Company's Online Information Links
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HOME PAGE:
http://www.ml.com/
(This parent company URL is for reference only and does not have specific information on the security.)
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Company's Online SEC EDGAR Filings |
Company's Email Address Links |
Address and Phone Numbers |
Address: 4 World Financial Center, North Tower, New York, NY 10080 |
Main Phone Number |
212-449-1000 |
Fax Number |
212-236-4384 |
Investor Relations
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866-607-1234
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Toll Free Phone Number |
800-637-7455 |
CEO - David H. Komansky |
CFO - Thomas H. Patrick |
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