PRICING SUPPLEMENT File No. 333-109802
(To Prospectus Supplement and Prospectus dated Rule 424(b)(3)
November 26, 2003)
Pricing Supplement Number: 2387
Principal Amount: $425,000,000 Original Issue Date: July 8, 2004
CUSIP Number: 59018YTY7 Stated Maturity Date: July 9, 2007
Issue Price: 100%
Interest Calculation: Day Count Convention:
------------------------------ --------------------------
[x] Regular Floating 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: + 0.125% Maximum Interest Rate: Not Applicable
Initial Interest Rate: Calculated as if the Original Issue Spread Multiplier: Not Applicable
Date was an Interest Reset Date
Interest Reset Dates: Quarterly, on the 9th of January, April, July and
October, commencing on October 9, 2004, subject to
modified following Business Day convention.
Interest Payment Date: Quarterly, on the 9th of January, April, July and
October, commencing on October 9, 2004, 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"), Ramirez & Co., Inc. and Muriel Siebert &
Co., Inc. (the "Underwriters"), are acting as
principals in this transaction. MLPF&S is acting as
the Lead Underwriter.
Pursuant to an agreement, dated July 1, 2004 (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 $416,500,000
Incorporated
Ramirez & Co., Inc. $4,250,000
Muriel Siebert & Co., Inc. $4,250,000
----------
Total $425,000,000
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 Discoount: 0.2500%
Dated: July 1, 2004