JPMorgan to price 15% reverse exchangeables linked to Freeport-McMoRan

By Laura Lutz

Des Moines, Feb. 27 - JPMorgan Chase & Co. plans to price 15% annualized reverse exchangeable notes due June 11, 2008 linked to the common stock of Freeport-McMoRan Copper & Gold, Inc., 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 - 75% 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 Freeport-McMoRan shares equal to par divided by the initial share price.

Otherwise, the payout will be par.

The notes will price on March 6 and settle on March 11.

J.P. Morgan Securities Inc. will be the agent.

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