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Published on 5/8/2007 in the Prospect News Structured Products Daily.

JPMorgan to price 8.25% reverse exchangeables linked to Merrill Lynch

By E. Janene Geiss

Philadelphia, May 8 - JPMorgan Chase & Co. plans to price an offering of 8.25% reverse exchangeable notes due May 30, 2008 linked to the common stock of Merrill Lynch & Co., Inc., according to an FWP filing with the Securities and Exchange Commission.

The notes are expected to price May 24 and settle May 31.

Interest will be payable monthly.

The payout at maturity will be par unless Merrill Lynch stock falls by more than 15% during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Merrill Lynch shares equal to $1,000 divided by the initial share price or, at JPMorgan's option, the equivalent cash value.

J.P. Morgan Securities Inc. will be the agent.


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