JPMorgan plans 11% three-month reverse exchangeables on First Solar

By Susanna Moon

Chicago, Aug. 20 – JPMorgan Chase & Co. plans to price 11% annualized reverse exchangeable notes due Dec. 1, 2014 linked to First Solar Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

The payout at maturity will be par in cash, unless First Solar stock ever closes down by more than 20% and finishes below 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 cash equivalent.

J.P. Morgan Securities LLC is the agent.

The notes will price on Aug. 26 and settle on Aug. 29.

The Cusip number is 48127DXR4.

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