PRICING SUPPLEMENT NO. 21 Rule 424(b)(3)
DATED: July 15, 2003 File No. 333-104455
(To Prospectus dated April 24, 2003,
and Prospectus Supplement dated April 24, 2003)
$10,227,293,162
THE BEAR STEARNS COMPANIES INC.
Medium-Term Notes, Series B
Principal Amount: $25,000,000 Floating Rate Notes [x] Book Entry Notes [x]
Original Issue Date: 7/18/2003 Fixed Rate Notes [ ] Certificated Notes [ ]
Maturity Date: 7/19/2004 CUSIP#: 073928A86
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
[x] Federal Funds Effective Rate
[ ] Federal Funds Open Rate Interest Reset Date(s): Daily
[ ] Treasury Rate Interest Reset Period: Daily
[ ] LIBOR Reuters Interest Payment Date(s): *
[ ] LIBOR Telerate
[ ] Prime Rate
[ ] CMT Rate
Initial Interest Rate: 1.09% Interest Payment Period: Quarterly
Index Maturity: N/A
Spread (plus or minus): +0.07%
* On the 19th of October, January, April and at Maturity.
At May 31, 2003:
o the Company had outstanding (on an unconsolidated basis) approximately
$39.8 billion of debt and other obligations, including approximately $36.7
billion of unsecured senior debt and $2.5 billion of unsecured
inter-company debt; and
o subsidiaries of the Company had outstanding (after elimination of
inter-company items) approximately $163.9 billion of debt and other
obligations (including $45.5 billion related to securities sold under
repurchase agreements, $60.7 billion related to payables to customers,
$29.2 billion related to financial instruments sold, but not yet
purchased, and $28.5 billion of other liabilities, including $15.9 billion
of debt).
The distribution of Notes will conform to the requirements set forth in Rule
2720 of the NASD Conduct Rules.