By Laura Lutz
Des Moines, March 23 - JPMorgan Chase & Co. priced a $780,000 issue of 18% reverse exchangeable notes due Sept. 26, 2007 linked to Foster Wheeler Ltd. stock, according to a 424B2 filing with the Securities and Exchange Commission.
If Foster Wheeler stock falls below 80% of the initial share price during the life of the notes and finishes below the initial share price, the payout will be a number of Foster Wheeler shares equal to $1,000 divided by the initial share price.
If the stock declines by more than the protection amount, investors will share in any losses.
Interest will be payable monthly.
J.P. Morgan Securities Inc. is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Reverse exchangeable notes
|
| Underlying stock: | Foster Wheeler Ltd.
|
| Amount: | $780,000
|
| Maturity: | Sept. 26, 2007
|
| Coupon: | 18%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par unless Foster Wheeler stock falls below $45.69 during the life of the notes and finishes below the initial share price, in which case payout will be 17.5101 Foster Wheeler shares
|
| Initial share price: | $57.11
|
| Protection amount: | $45.69, 80% of the initial share price
|
| Pricing date: | March 22
|
| Settlement date: | March 27
|
| Agent: | J.P. Morgan Securities Inc.
|
| Fees: | 1.55%, including 1.15% for selling concessions
|
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