By Laura Lutz
Des Moines, Jan. 30 - JPMorgan Chase & Co. priced $1.22 million of 12% reverse exchangeable notes due July 31, 2008 linked to Freeport-McMoRan Copper & Gold Inc. common stock, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
If Freeport-McMoRan stock falls below 60% of the initial share price during the life of the notes and finishes below the initial share price, the payout at maturity will be a number of Freeport-McMoRan shares equal to par divided by the initial share price.
Otherwise, the payout will be par.
J.P. Morgan Securities Inc. is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Reverse exchangeable notes
|
| Underlying stock: | Freeport-McMoRan Copper & Gold Inc. (Symbol: FCX)
|
| Amount: | $1,215,000
|
| Maturity: | July 31, 2008
|
| Coupon: | 12%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | If Freeport-McMoRan stock falls below the protection price during the life of the notes and finishes below the initial share price, a number of shares equal to par divided by the initial price; otherwise, par
|
| Initial share price: | $85.30
|
| Protection price: | 60% of the initial share price
|
| Pricing date: | Jan. 28
|
| Settlement date: | Jan. 30
|
| Agent: | J.P. Morgan Securities Inc.
|
| Fees: | 4.98%, including 3.24% for selling concessions
|
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