PRICING SUPPLEMENT NO. 81 Rule 424(b)(3)
DATED: November 20, 1997 File No. 333-31277
(To Prospectus dated August 13, 1997
and Prospectus Supplement dated August 13, 1997)
$5,180,520,162
THE BEAR STEARNS COMPANIES INC.
MEDIUM-TERM NOTES, SERIES B
WITH MINIMUM MATURITY OF NINE MONTHS FROM DATE OF ISSUE
Principal Amount: $11,000,000 Floating Rate Notes [_] Book Entry Notes [x]
Original Issue Date: 11/25/97 Fixed Rate Notes [x] Certificated Notes [_]
Maturity Date: 11/19/99
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:
- -----------------------------------
Interest Rate: 6.135%
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):
- --------------------------
* 5/19/98, 11/19/98, 5/19/99 and 11/19/99.
The distribution of Notes will conform to the requirements set forth in Rule
2720 of the NASD Conduct Rules.
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