The Korean Investment Corp. and the Kuwait Investment Authority--both sovereign wealth funds--and the private Mizuho Corporate Bank will invest $6.6 billion in Merrill Lynch. They'll be receiving convertible preferred shares that carry a hefty 9 percent interest rate, which may not please existing shareholders. Of course, none of the new shares will have any voting rights. This move has been expected, though some thought it would be announced along with earnings on Thursday. A huge writedown is likely. Sadly, this may not be the end of the capital raising binge that Merrill has been on. Stay tuned.    

For more:
- here's an AP article