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JPMorgan to price 13% reverse exchangeables linked to Titanium Metals
By E. Janene Geiss
Philadelphia, Dec. 5 - JPMorgan Chase & Co. plans to price an issue of 13% reverse exchangeable notes due Dec. 31, 2007 linked to the common stock of Titanium Metals Corp.
Interest will be paid monthly.
At maturity, investors will receive par unless Titanium Metals stock falls below the knock-in price - 70% of the initial share price - during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Titanium Metals shares equal to the $1,000 principal amount of the notes divided by the initial price of Micron's stock.
The notes are expected to price Dec. 26 and settle on Dec. 29.
J.P. Morgan Securities Inc. will be the agent.
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