Published on 3/21/2007 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $0.75 million 20% reverse exchangeables linked to NutriSystem
By Jennifer Chiou
New York, March 21 - JPMorgan Chase & Co. priced a $0.75 million issue of reverse exchangeable notes due June 25, 2007 linked to NutriSystem, Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.
The three-month notes will pay 5% for an annualized rate of 20%. Interest will be paid monthly.
If NutriSystem stock falls below 70% of the initial share price during the life of the notes and finishes below the initial share price, the payout will be a number of NutriSystem shares equal to $1,000 divided by the initial share price. Otherwise, the payout will be par.
J.P. Morgan Securities Inc. is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Reverse exchangeable notes
|
| Underlying stock: | NutriSystem, Inc.
|
| Amount: | $0.75 million
|
| Maturity: | June 25, 2007
|
| Coupon: | 20%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par unless NutriSystem stock falls by more than 30% during the life of the notes and finishes below the initial share price, in which case payout will be 20.555 NutriSystem shares
|
| Initial share price: | $48.65
|
| Protection amount: | $14.60, 30% of the initial share price
|
| Pricing date: | March 20
|
| Settlement date: | March 26
|
| Agent: | J.P. Morgan Securities Inc.
|
| Agent fees: | 1.9%, including 1.125% for selling concessions
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