I have a data file that has multiline records with the record terminator of ctrl+Y

ie the following is actually to be loaded as 3 records.

A|A|test 1^M

test 1 continues^Y
A|B|test 2^Y
A|C|test 3^Y

How can I get sqlldr to load the who record into a single row?

I have tried a control file with the following line and get an error:

OPTIONS (ERRORS=999999, ROWS=1000)
LOAD DATA
TRUNCATE
INTO TABLE AAA
FIELDS TERMINATED BY "|"
CONTINUEIF LAST PRESERVE <> "^Y"
TRAILING NULLCOLS
( ...

10:54:09: SQL*Loader-350: Syntax error at line 16.
10:54:09: Expecting "(", found keyword continueif.
10:54:09: CONTINUEIF LAST <> "^Y"

Note the ^Y is a single character in the ctl file.