JPMorgan plans 11%-15% reverse convertibles on Freeport-McMoRan

By Susanna Moon

Chicago, Jan. 21 - JPMorgan Chase & Co. plans to price 11% to 15% annualized reverse convertible notes due Aug. 16, 2011 based on the performance of Freeport-McMoRan Copper & Gold Inc. shares, according to an FWP filing with the Securities and Exchange Commission.

Interest is payable monthly. The exact rate will be set at pricing.

The payout at maturity will be par in cash unless Freeport-McMoRan shares fall below 70% of the initial price during the life of the notes and finish below the initial price, in which case the payout will be a number of Freeport-McMoRan shares equal to $1,000 divided by the initial price.

The notes (Cusip 48125XBW5) are expected to price on Feb. 11 and settle on Feb. 16.

J.P. Morgan Securities LLC is the agent.

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