JPMorgan plans issue of 10.25% reverse exchangeable notes linked to Alcoa

By Jennifer Chiou

New York, July 11 - JPMorgan Chase & Co. plans to price an issue of 10.25% reverse exchangeable notes due July 19, 2007 linked to the Alcoa Inc. stock, according to an FWP filing with the Securities and Exchange Commission.

Interest will be payable monthly.

The pricing date is expected to be on or about July 14 with settlement on July 19.

Noteholders will receive par unless the final share price of Alcoa stock is less than the initial price and it falls below the protection amount during the life of the notes, in which case a number of Alcoa shares equal to $1,000 divided by the initial share price. The protection amount is 20% of the initial share price.

Investors will share in any losses.

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

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