Published on 9/14/2011 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $397,000 25% reverse convertibles linked to Patriot Coal
New York, Sept. 14 - JPMorgan Chase & Co. priced $397,000 of 25% reverse convertible notes due Dec. 15, 2011 linked to Patriot Coal Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Patriot Coal shares fall below the protection price of $7.59, 55% of the initial price of $13.80, during the life of the notes and finish below the initial price in which case the payout will be 72.4638 shares of Patriot Coal stock.
JPMorgan is the agent.
Issuer: | JPMorgan Chase & Co.
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Issue: | Reverse convertible notes
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Underlying stock: | Patriot Coal Corp. (Symbol: PCX)
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Amount: | $397,000
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Maturity: | Dec. 15, 2011
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Coupon: | 25%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Patriot Coal shares fall below the protection price of $7.59, 55% of the initial price, and finish below the initial price, in which case 72.4638 shares of Patriot Coal stock
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Initial price: | $13.80
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Protection price: | $7.59, 55% of $13.80
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Exchange ratio: | 72.4638
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Pricing date: | Sept. 12
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Settlement date: | Sept. 15
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Agent: | JPMorgan
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Cusip: | 48125XV45
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