PRICING SUPPLEMENT File No. 333-122639
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(To Prospectus Supplement and Rule 424(b)(3)
Prospectus dated February 25, 2005)
Pricing Supplement Number: 2500
Merrill Lynch & Co., Inc.
Medium-Term Notes, Series C
Due Nine Months or More from Date of Issue
Fixed Rate Notes
Principal Amount: $350,000,000
Issue Price: 99.318% (plus accrued interest from August 4, 2005)
CUSIP Number: 59018YVV0
Interest Rate: 4.79% per annum
Original Issue Date: January 27, 2006
Stated Maturity Date: August 4, 2010
Interest Payment Dates: February 4th and August 4th of each year, commencing on
February 4, 2006 subject to the 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 will be issued in fully registered book-entry
form. As described in the accompanying prospectus
supplement, upon issuance, all of the Notes will be
represented by one or more fully registered global Notes.
Each global Note will be deposited with, or on behalf of,
The Depository Trust Company, otherwise known as DTC, or any
successor to it (the "depository"), as depositary, and
registered in the name of Cede & Co., DTC's partnership
nominee.
Investors may elect to hold interests in the global Notes
through either the depository, in the United States, or
Clearstream Banking, societe anonyme ("Clearstream,
Luxembourg"), or Euroclear Bank S.A./N.V., as operator of
the Euroclear System ("Euroclear"), if they are participants
in these systems, or indirectly through organizations which
are participants in these systems.
Clearstream, Luxembourg and Euroclear will hold interests on
behalf of their participants through customers' securities
accounts in Clearstream, Luxembourg's and Euroclear's names
on the books of their respective depositaries, which in turn
will hold interests in customers' securities accounts in the
depositaries' names on the books of the depository.
At the present time, Citibank, N.A. acts as U.S. depositary
for Clearstream, Luxembourg and JPMorgan Chase Bank, N.A.
acts as U.S. depositary for Euroclear (the "U.S.
Depositaries"). Beneficial interests in the global
securities will be held in denominations of $1,000 and
integral multiples thereof. Except as set forth below or in
the accompanying prospectus supplement, the global
securities may be transferred, in whole but not in part,
only to another nominee of the depositary or to a successor
of the depository or its nominee.
Other Provisions: The Notes offered by this pricing supplement, and the
accompanying prospectus supplement and prospectus, have
terms and conditions identical to, and shall be part of the
series of, other Medium-Term Notes, Series C issued by
ML&Co. Inc. (the Company) on August 4, 2005. The Notes
offered hereby and such other, identical Notes previously
issued will share the same CUSIP number 59018YVV0.
Trustee: JPMorgan Chase Bank, N.A.
Underwriters: Merrill Lynch, Pierce, Fenner & Smith Incorporated
("MLPF&S"), LaSalle Financial Services, Inc. and HSBC
Securities (USA) Inc. (the "Underwriters"), are acting as
principals in this transaction. MLPF&S is acting as the Lead
Underwriter.
Pursuant to an agreement, dated January 24, 2006 (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 $343,000,000
& Smith Incorporated
HSBC Securities (USA) Inc. $ 3,500,000
LaSalle Financial Services, $ 3,500,000
Inc. ------------
$350,000,000
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.
Underwriting Discount: 0.325%
Dated: January 24, 2006