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PRICING SUPPLEMENT NO. 65 Rule 424(b)(3)
DATED: September 12, 1996 File No. 333-03685
(To Prospectus dated May 23, 1996
and Prospectus Supplement dated May 23, 1996)
$4,954,795,162
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
$28,000,000 [x] [x]
Original Issue Date: Fixed Rate Notes Certificated Notes
09/19/1996 [_] [_]
Maturity Date: 09/19/2003
Option to Extend Maturity: No [x]
Yes [_] Final Maturity Date:
Optional Optional
Redemption Repayment Repayment
Redeemable On Price(s) Date(s) Price(s)
------------- -------- ------- --------
* 100% N/A N/A
Applicable Only to Fixed Rate Notes:
-----------------------------------
Interest Rate:
Applicable Only to Floating Rate Notes:
--------------------------------------
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: Quarterly
[_] LIBOR Reuters Interest Payment Date(s): ***
[_] LIBOR Telerate
[_] Prime Rate
[**** CMT Rate ]
Initial Interest Rate: 7.33% Interest Payment Period:
Quarterly
Index Maturity: One Year
Spread (plus or minus): 1.50%
- -------------------------
* Commencing September 19, 1999 on the 19th of each September, December,
March and June thereafter, the Notes may be called at 100% of the
principal amount in whole but not in part at the option of the Company
on five business days notice.
** On the 19th of each September, December, March and June during the
term hereof.
*** On the 19th of each September, December, March and June during the
term hereof and on September 19, 2003.
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**** Interest will accrue for each day during each Interest Payment Period
that CMT, determined on the basis of the CMT Rate having the Index
Maturity specified above,
falls within the Rate Band (as defined below); otherwise, no interest
will accrue for such day. The Rate Band for each Interest Payment
Period will be greater than 3.00% and less than 10.35%. Interest will
be calculated on the basis of a 365-day year.
The distribution of Notes will conform to the requirement set forth in
the applicable sections of Schedule E to the By-laws of the National
Association of Securities Dealers, Inc.
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