Merrill Lynch Plans To Issue $6.6 Billion In Private Placements

Jan 15, 2008 (financialwire.net via COMTEX) -- MFG | news | PowerRating | PR Charts -- January 15, 2008 (FinancialWire) Merrill Lynch (NYSE: MER | news | PowerRating | PR Charts ) has reached agreements to issue $6.6 billion of mandatory convertible preferred stock in private placements to long-term investors, primarily from Korean Investment Corp., Kuwait Investment Authority, and Mizuho Corporate Bank, a subsidiary of Mizuho Financial Group (NYSE: MFG).

TPG-Axon Capital, The New Jersey Division of Investment, The Olayan Group, and T. Rowe Price Associates Inc. on behalf of various clients are also investors and are subject to the same terms listed on the attached term sheet.

All the above mentioned investors will be passive investors in Merrill Lynch and none of the investors will have any rights of control or role in the governance of Merrill Lynch.

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