By Laura Lutz
Des Moines, Feb. 20 - JPMorgan Chase & Co. priced $1.15 million of 8.9% annualized reverse exchangeable notes due Aug. 22, 2008 linked to PepsiCo, Inc. common stock, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be paid monthly.
If PepsiCo stock falls below 80% of the initial share price during the life of the notes and finishes below the initial share price, the payout will be a number of PepsiCo shares equal to par divided by the initial share price.
Otherwise, the payout will be par.
J.P. Morgan Securities Inc. is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Reverse exchangeable notes
|
| Underlying stock: | PepsiCo, Inc. (Symbol: PEP)
|
| Amount: | $1.15 million
|
| Maturity: | Aug. 22, 2008
|
| Coupon: | 8.9%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | If PepsiCo stock falls below protection price during life of notes and finishes below initial price, number of shares equal to par divided by initial price; otherwise, par
|
| Initial price: | $71.14
|
| Protection price: | 80% of initial price
|
| Pricing date: | Feb. 19
|
| Settlement date: | Feb. 22
|
| Agent: | J.P. Morgan Securities Inc.
|
| Fees: | 1.07%, including 0.5% for selling concessions
|
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