MERRILL LYNCH SENIOR FLOATING RATE FUND, INC.
800 Scudders Mill Road
Plainsboro, New Jersey 08536
OFFER TO PURCHASE FOR CASH 49,500,000
OF ITS ISSUED AND OUTSTANDING SHARES
AT NET ASSET VALUE PER SHARE
SUMMARY TERM SHEET
THIS SUMMARY HIGHLIGHTS CERTAIN INFORMATION IN THIS OFFER TO PURCHASE. TO
UNDERSTAND THE OFFER FULLY AND FOR A MORE COMPLETE DESCRIPTION OF THE TERMS OF
THE OFFER, YOU SHOULD READ CAREFULLY THIS ENTIRE OFFER TO PURCHASE AND THE
RELATED LETTER OF TRANSMITTAL. WE HAVE INCLUDED SECTION REFERENCES TO DIRECT YOU
TO A MORE COMPLETE DESCRIPTION OF THE TOPICS IN THIS SUMMARY.
• WHAT SECURITIES ARE MERRILL LYNCH SENIOR FLOATING RATE FUND, INC. OFFERING TO
PURCHASE? The Fund is offering to purchase up to 49,500,000 Shares of its common stock from you and
other stockholders. If more than 49,500,000 Shares are surrendered (or “tendered”) by stockholders in
response to this offer, the Fund expects to either extend the Offer period and increase the number of Shares
it is offering to purchase or purchase the Shares tendered on a pro rata basis. This Offer is not conditioned
upon the tender of any minimum number of Shares. See Section 1 “Price; Number of Shares”.
• HOW DO I TENDER MY SHARES? See Section 2 “Procedure for Tendering Shares”.
If you wish to tender your Shares and your Shares are registered in the name of your broker, dealer,
commercial bank, trust company or other nominee, you must contact that entity and request that your
Shares be tendered to the Fund.
If you wish to tender your Shares and your Shares are registered in your name, you may send your
share certificates, a properly completed and executed Letter of Transmittal and any additional
documents required by the Letter of Transmittal to the Transfer Agent. The Transfer Agent must
receive these documents prior to the Expiration Date of the Offer (currently 4:00 p.m., Eastern Time,
Tuesday, July17, 2001).
• HOW MUCH IS THE FUND OFFERING TO PAY ME FOR MY SH