New Issue: JPMorgan prices $2.61 million 13.38% reverse convertibles linked to Lowe's

New York, May 20 - JPMorgan Chase & Co. priced $2.609 million of 13.38% reverse convertible notes due May 20, 2011 linked to Lowe's Cos., Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par in cash unless Lowe's shares fall below the protection price of $19.752, 80% of the initial price of $24.69, during the life of the notes and finish below the initial price in which case the payout will be 40.5022 shares of Lowe's stock.

JPMorgan is the agent.

Issuer:	JPMorgan Chase & Co.
Issue:	Reverse convertible notes
Underlying stock:	Lowe's Cos., Inc. (Symbol: LOW)
Amount:	$2.609 million
Maturity:	May 20, 2011
Coupon:	13.38%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Lowe's shares fall below the protection price of $19.752, 80% of the initial price, and finish below the initial price, in which case 40.5022 shares of Lowe's stock
Initial price:	$24.69
Protection price:	$19.752, 80% of $24.69
Exchange ratio:	40.5022
Pricing date:	May 18
Settlement date:	May 21
Agent:	JPMorgan
Fees:	0.55%, including 0.05% for selling concessions
Cusip:	48124ARL3

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.