PRICING SUPPLEMENT NO. 25 Rule 424(b)(3)
DATED: September 10, 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: $60,000,000 Floating Rate Notes [x] Book Entry Notes [x]
Original Issue Date: 9/15/2003 Fixed Rate Notes [ ] Certificated Notes [ ]
Maturity Date: 9/15/2006 CUSIP#: 073928B69
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:
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Interest Rate Basis: Maximum Interest Rate: N/A
[ ] Commercial Paper Rate Minimum Interest Rate: N/A
[ ] Federal Funds Effective Rate
[ ] Federal Funds Open Rate Interest Reset Date(s): *
[ ] Treasury Rate Interest Reset Period: Monthly
[ ] LIBOR Reuters Interest Payment Date(s): **
[x] LIBOR Telerate
[ ] Prime Rate
[ ] CMT Rate
Initial Interest Rate: 1.35% Interest Payment Period: Monthly
Index Maturity: One Month
Spread (plus or minus): +0.23%
* On the 15th of each month prior to Maturity.
** On the 15th of each month, including the maturity date.
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.