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PRICING SUPPLEMENT NO. 26 Rule 424(b)(3)
DATED: March 31, 1994 File No. 33-51733
(To Prospectus dated January 7, 1994
and Prospectus Supplement dated January 7, 1994)
$1,500,945,000
THE BEAR STEARNS COMPANIES INC.
MEDIUM-TERM NOTES, SERIES B
WITH MINIMUM MATURITY OF NINE MONTHS FROM DATE OF ISSUE
Principal Amount: Floating Rate Notes Book Entry Notes
$5,000,000 [x] [x]
Original Issue Date: 4/8/94 Fixed Rate Notes Certificated Notes
[_] [_]
Maturity Date: 4/8/97
Option to Extend Maturity: No [x]
Yes [_] Final Maturity Date:
Optional Optional
Redemption Repayment Repayment
Redeemable On Price(s) Date(s) Price(s)
------------- -------- ------- --------
N/A N/A N/A N/A
Applicable Only to Fixed Rate Notes:
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Interest Rate:
Applicable Only to Floating Rate Notes:
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Interest Rate Basis: Maximum Interest Rate: N/A
[_] Commercial Paper Rate Minimum Interest Rate: N/A
[_] Federal Funds Rate Interest Reset Date(s): **
[_] Treasury Rate Interest Reset Period: Monthly
[*] LIBOR Interest Payment Date(s): ***
[_] Prime Rate Interest Payment Period: Monthly
Initial Interest Rate: ****
Index Maturity: One Month
Spread (plus or minus): +.25%
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* For purposes of this Note, LIBOR will be determined by the Calculation
Agent in accordance with the following provisions:
(i) With respect to an Interest Determination Date, LIBOR
will be determined on the basis of the offered rate for deposits
in U.S. dollars having the Index Maturity specified above,
commencing on the second London Banking Day immediately following
such Interest Determination Date, which appears on Telerate page
3750 (or such other page as may replace such Telerate page 3750
for the purpose of displaying London interbank rates of major
banks), as of 11:00 A.M., London time, on such Interest
Determination Date. If no such rate appears on Telerate page
3750 (or such other page), LIBOR for
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such Interest Determination Date will be determined as if the
parties had specified the rate described in (ii) below.
(ii) With respect to an Interest Determination Date on which
no offered rate appears on Telerate page 3750 (or such other
page) as described in (i) above, LIBOR will be determined on the
basis of the rates at approximately 11:00 A.M., London time, on
such Interest Determination Date at which deposits in U.S.
dollars having the Index Maturity specified above are offered to
prime banks in the London interbank market by four major banks in
the London interbank market selected by the Calculation Agent
commencing on the second London Banking Day immediately following
such Interest Determination Date and in a principal amount equal
to an amount of not less than $1,000,000 that is representative
of a single transaction in such market at such time. The
Calculation Agent will request the principal London office of
each of such banks to provide a quotation of its rate. If at
least two such quotations are provided, LIBOR for such Interest
Determination Date will be the arithmetic mean of such
quotations. If fewer than two quotations are provided, LIBOR for
such Interest Determination Date will be the arithmetic mean of
the rates quoted at approximately 11:00 A.M., New York City time,
on such Interest Determination Date by three major banks in the
City of New York, selected by the Calculation Agent for loans in
U.S. dollars to leading European banks, having the specified
Index Maturity commencing on the second London Banking Day
immediately following such Interest Determination Date and in a
principal amount equal to an amount of not less than $1,000,000
that is representative of a single transaction in such market at
such time; provided, however, that if the banks selected as
aforesaid by the Calculation Agent are not quoting as mentioned
in this sentence, LIBOR will be LIBOR in effect on such Interest
Determination Date.
** 5/3/94, 6/2/94, 7/5/94, 8/2/94, 9/2/94, 10/4/94, 11/2/94/ 12/2/94,
1/4/95, 2/2/95, 3/2/95, 4/4/94, 5/2/95, 6/2/95, 7/5/95, 8/2/95,
9/5/95, 10/3/95, 11/2/95, 12/4/95, 1/3/96, 2/2/96, 3/4/96, 4/2/96,
5/2/96, 6/4/96, 7/2/96, 8/2/96, 9/4/96, 10/2/96, 11/4/96, 12/3/96,
1/3/97, 2/4/97, 3/4/97 and 4/2/97.
*** 5/3/94, 6/2/94, 7/5/94, 8/2/94, 9/2/94, 10/4/94, 11/2/94/ 12/2/94,
1/4/95, 2/2/95, 3/2/95, 4/4/94, 5/2/95, 6/2/95, 7/5/95, 8/2/95,
9/5/95, 10/3/95, 11/2/95, 12/4/95, 1/3/96, 2/2/96, 3/4/96, 4/2/96,
5/2/96, 6/4/96, 7/2/96, 8/2/96, 9/4/96, 10/2/96, 11/4/96, 12/3/96,
1/3/97, 2/4/97, 3/4/97, 4/2/97 and 4/8/97.
**** One month LIBOR rate as of April 6, 1994 plus 25 basis points.
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The distribution of Notes will conform to the requirements set forth in the
applicable sections of Schedule E to the By-laws of the National
Association of Securities Dealers, Inc.
