By Marisa Wong
Milwaukee, April 16 - JPMorgan Chase & Co. priced $2 million of 15.25% annualized reverse exchangeable notes due Oct. 20, 2010 linked to the common stock of First Solar Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be 7.625% for the term of the notes and is payable monthly.
The payout at maturity will be par unless the final price of First Solar stock has declined by more than 25% of the initial share price, in which case investors will receive a number of First Solar shares equal to $1,000 divided by the initial share price or, at JPMorgan's option, the value of those shares in cash.
J.P. Morgan Securities Inc. is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Reverse exchangeable notes
|
| Underlying stock: | First Solar Inc. (Symbol: FSLR)
|
| Amount: | $2 million
|
| Maturity: | Oct. 20, 2010
|
| Coupon: | 15.25% per year (7.625% for the term of the notes), payable monthly
|
| Price: | Par
|
| Payout at maturity: | If final share price of First Solar stock has declined by more than protection amount, 7.8858 First Solar shares or equivalent cash value; otherwise, par
|
| Initial share price: | $126.81
|
| Protection amount: | $31.7025, 25% of initial price
|
| Exchange ratio: | 7.8858
|
| Pricing date: | April 15
|
| Settlement date: | April 20
|
| Agent: | J.P. Morgan Securities Inc.
|
| Fees: | 2.725%
|
| Cusip: | 48124AMM6
|
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