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JPMorgan to price 19% reverse exchangeables linked to Foster Wheeler
By Laura Lutz
Des Moines, Jan. 7 - JPMorgan Chase & Co. plans to price an issue of 19% reverse exchangeable notes due July 31, 2008 linked to the common stock of Foster Wheeler Ltd., according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable monthly.
If the stock drops below the knock-in price - 70% of the initial share price - during the life of the notes and finishes below its initial price, the payout at maturity will be a number of Foster Wheeler shares equal to par divided by the initial share price.
Otherwise, the payout will be par.
The notes will price on Jan. 28 and settle on Jan. 31.
J.P. Morgan Securities Inc. will be the agent.
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