PRICING SUPPLEMENT File No. 333-105098
- ------------------ Rule 424(b)(3)
(To Prospectus Supplement and Prospectus
dated June 3, 2003)
Pricing Supplement Number: 2322
Merrill Lynch & Co., Inc.
Medium-Term Notes, Series B
Due Nine Months or More from Date of Issue
Floating Rate Notes
Principal Amount: $303,000,000 Original Issue Date: July 3, 2003
CUSIP Number: 59018YRL7 Stated Maturity Date: July 1, 2005
Issue Price: 100%
Interest Calculation: Day Count Convention:
- --------------------- ---------------------
|x| Regular Floatin Rate Note |x| Actual/360
| | Inverse Floating Rate Note | | 30/360
(Fixed Interest Rate): | | Actual/Actual
Interest Rate Basis:
- --------------------
|x| LIBOR | | Commercial Paper Rate
| | CMT Rate | | Eleventh District Cost of Funds Rate
| | Prime Rate | | CD Rate
| | Federal Funds Rate | | Other (see attached)
| | Treasury Rate
Designated CMT Page: Designated LIBOR Page:
CMT Moneyline Telerate Page: LIBOR Moneyline Telerate Page: 3750
LIBOR Reuters Page:
Index Maturity: Three Months Minimum Interest Rate: Not Applicable
Spread: + 0.15% Maximum Interest Rate: Not Applicable
Initial Interest Rate: Calculated as if the Original Spread Multiplier: Not Applicable
Issue Date was an Interest Reset
Date
Interest Reset Dates: Quarterly, on the 1st of January, April, July and October, commencing
on October 1, 2003, subject to modified following Business Day
convention.
Interest
Payment Dates: Quarterly, on the 1st of January, April, July and October, commencing
on October 1, 2003, subject to modified following Business Day
convention.
Repayment at the
Option of the Holder: The Notes cannot be repaid prior to the Stated Maturity Date.
Redemption at the
Option of the Company: The Notes cannot be redeemed prior to the Stated Maturity Date.
Form: The Notes are being issued in fully registered book-entry form.
Trustee: JPMorgan Chase Bank
Underwriters: Merrill Lynch, Pierce, Fenner & Smith Incorporated ("MLPF&S"),
Santander Central Hispano Investment Securities Inc. and Wells Fargo
Brokerage Services, LLC (the "Underwriters"), are acting as principals
in this transaction. MLPF&S is acting as the Lead Underwriter.
Pursuant to an agreement, dated June 30, 2003 (the "Agreement"),
between Merrill Lynch & Co., Inc. (the "Company") and the Underwriters,
the Company has agreed to sell to each of the Underwriters and each of
the Underwriters has severally and not jointly agreed to purchase the
principal amount of Notes set forth opposite its name below:
Underwriters Principal Amount of the Notes
------------ -----------------------------
Merrill Lynch, Pierce, Fenner & Smith $296,940,000
Incorporated
Santander Central Hispano Investment Securities Inc. $3,030,000
Wells Fargo Brokerage Services, LLC $3,030,000
----------
Total $303,000,000
Pursuant to the Agreement, the obligations of the Underwriters are
subject to certain conditions and the Underwriters are committed to
take and pay for all of the Notes, if any are taken.
The Underwriters have advised the Company that they propose initially
to offer all or part of the Notes directly to the public at the Issue
Price listed above. After the initial public offering, the Issue Price
may be changed.
The Company has agreed to indemnify the Underwriters against certain
liabilities, including liabilities under the Securities Act of 1933, as
amended.
Dated: June 30, 2003