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PRICING SUPPLEMENT NO. 107 Rule 424(b)(3)
DATED: November 21, 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
$5,000,000 [_] [x]
Original Issue Date: Fixed Rate Notes Certificated Notes
11/26/96 [x] [_]
Maturity Date: 11/26/2001
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: 6.47%
Interest Payment Dates: **
Applicable Only to Floating Rate Notes:
- --------------------------------------
Interest Rate Basis: Maximum Interest Rate:
[_] Commercial Paper Rate Minimum Interest Rate:
[_] Federal Funds Rate Interest Reset Date(s):
[_] Treasury Rate Interest Reset Period:
[_] LIBOR Reuters Interest Payment Date(s):
[_] LIBOR Telerate
[_] Prime Rate
[_] CMT Rate
Initial Interest Rate: Interest Payment Period:
Index Maturity:
Spread (plus or minus):
- -------------------------
* Commencing November 26, 1997 and on the 26th of February, May, August
and November in each year 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 days' notice.
** The 26th of May and November in each year, commencing 05/26/97.
The Agent has agreed to purchase the Notes at 100% of their principal
amount. The purchase price has been determined in light of the value to
the Agent of a swap entered into by the Company and an affiliate of the
Agent. The Agent will resell the Notes at prevailing market rates, which
may be greater or less than the purchase price therefor paid by the Agent.
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.
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