Merrill Lynch (MER) announed that it had improved its capital position by reaching agreements to issue $6.6 billion of mandatory convertible preferred stock in private placements to long-term investors, primarily from Korean Investment Corporation, Kuwait Investment Authority, and Mizuho Corporate Bank.

TPG-Axon Capital, The New Jersey Division of Investment, The Olayan Group, and T. Rowe Price Associates Inc. on behalf of various clients.

Douglas A. McIntyre

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