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JPMorgan plans 16.5% six-month reverse convertibles on First Solar
By Susanna Moon
Chicago, Dec. 16 - JPMorgan Chase & Co. plans to price 16.5% annualized reverse convertible notes due June 30, 2014 linked to First Solar Inc. shares, according to an FWP filing with the Securities and Exchange Commission.
Interest is payable monthly.
The payout at maturity will be par in cash unless First Solar shares fall below 70% of the initial price during the life of the notes and finish below the initial price, in which case the payout will be a number of First Solar shares equal to $1,000 divided by the initial price.
JPMorgan is the agent.
The notes will price on Dec. 26 and settle on Dec. 31.
The Cusip number is 48126NN52.
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