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JPMorgan to price 12.5% reverse exchangeables linked to D.R. Horton
By Laura Lutz
Washington, Dec. 5 - JPMorgan Chase & Co. plans to price an issue of 12.5% auto callable reverse exchangeable notes due Dec. 31, 2007 linked to the common stock of D.R. Horton, Inc.
Interest will be paid monthly.
At maturity, investors will receive par unless D.R. Horton stock falls below 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 D.R. Horton shares equal to $1,000 divided by the initial share price.
The notes will price on Dec. 26 and settle on Dec. 29.
J.P. Morgan Securities Inc. will be the agent.
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