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JPMorgan to price 14% reverse exchangeables linked to Merrill Lynch
By E. Janene Geiss
Philadelphia, Aug. 8 - JPMorgan Chase & Co. plans to price an issue of reverse exchangeable notes due Nov. 30, 2007 linked to the common stock of Merrill Lynch & Co., Inc., according to an FWP filing with the Securities and Exchange Commission.
The three-month notes will pay 3.5% for an annual rate of 14%. Interest will be payable monthly.
The payout at maturity will be par unless Merrill Lynch stock falls below the knock-in price - 80% 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 Merrill Lynch shares equal to $1,000 divided by the initial share price.
The notes will price Aug. 28 and settle Aug. 31.
J.P. Morgan Securities Inc. will be the agent.
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