Published on 5/16/2011 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $1 million 22.75% reverse convertibles linked to Magnum Hunter
New York, May 16 - JPMorgan Chase & Co. priced $1 million of 22.75% reverse convertible notes due Nov. 17, 2011 linked to Magnum Hunter Resources Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Magnum Hunter shares fall below the protection price of $5.22, 75% of the initial price of $6.96, during the life of the notes and finish below the initial price in which case the payout will be 143.6782 shares of Magnum Hunter stock.
JPMorgan is the agent.
Issuer: | JPMorgan Chase & Co.
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Issue: | Reverse convertible notes
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Underlying stock: | Magnum Hunter Resources Corp. (Symbol: MHR)
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Amount: | $1 million
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Maturity: | Nov. 17, 2011
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Coupon: | 22.75%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Magnum Hunter shares fall below the protection price of $5.22, 75% of the initial price, and finish below the initial price, in which case 143.6782 shares of Magnum Hunter stock
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Initial price: | $6.96
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Protection price: | $5.22, 75% of $6.96
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Exchange ratio: | 143.6782
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Pricing date: | May 12
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Settlement date: | May 17
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Agent: | JPMorgan
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Fees: | 1.5%, including 0.5% for selling concessions
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Cusip: | 48125XRM0
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