PRICING SUPPLEMENT NO. 48 Rule 424(b)(3)
DATED: May 18, 2001 File No. 333-52902
(To Prospectus dated January 11, 2001,
and Prospectus Supplement dated January 11, 2001)
$9,015,893,162
THE BEAR STEARNS COMPANIES INC.
MEDIUM-TERM NOTES, SERIES B
Principal Amount: $300,000,000 Floating Rate Notes [x] Book Entry Notes [x]
Original Issue Date: 5/23/2001 Fixed Rate Notes [ ] Certificated Notes [ ]
Maturity Date: 5/24/2004 CUSIP#: 073928UF8
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:
Interest Payment Dates:
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): **
[X] LIBOR Telerate
[ ] Prime Rate
[ ] CMT Rate
Initial Interest Rate: 4.675% Interest Payment Period: Quarterly
Index Maturity: Three Months
Spread (plus or minus): + 0.60%
* On the 24th of each August, November, February and May prior to Maturity.
** On the 24th of each August, November, February and May, including the
maturity date.
The distribution of Notes will conform to the requirements set forth in Rule
2720 of the NASD Conduct Rules.