New Issue: JPMorgan prices $550,000 16% reverse convertibles linked to Cliffs Natural

New York, Oct. 9 - JPMorgan Chase & Co. priced $550,000 of 16% reverse convertible notes due April 9, 2013 linked to Cliffs Natural Resources Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par in cash unless Cliffs Natural shares fall below the protection price of $22.764, 60% of the initial price of $37.94, during the life of the notes and finish below the initial price in which case the payout will be 26.3574 shares of Cliffs Natural stock.

JPMorgan is the agent.

Issuer:	JPMorgan Chase & Co.
Issue:	Reverse convertible notes
Underlying stock:	Cliffs Natural Resources Inc. (Symbol: CLF)
Amount:	$550,000
Maturity:	April 9, 2013
Coupon:	16%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Cliffs Natural shares fall below the protection price of $22.764, 60% of the initial price, and finish below the initial price, in which case 26.3574 shares of Cliffs Natural stock
Initial price:	$37.94
Protection price:	$22.764, 60% of $37.94
Exchange ratio:	26.3574
Pricing date:	Oct. 4
Settlement date:	Oct. 10
Agent:	JPMorgan
Fees:	1%
Cusip:	48126DDB2

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