By Laura Lutz
Des Moines, Feb. 28 - JPMorgan Chase & Co. priced $3.41 million of 19.25% reverse exchangeable notes due May 30, 2008 linked to Freeport-McMoRan Copper & Gold Inc. common stock, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be paid monthly.
If Freeport-McMoRan stock falls below 70% 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 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: | $3,406,000
|
Maturity: | May 30, 2008
|
Coupon: | 19.25%, payable monthly
|
Price: | Par
|
Payout at maturity: | If Freeport-McMoRan stock falls below protection price during life of notes and finishes below initial price, number of shares equal to par divided by initial price; otherwise, par
|
Initial price: | $100.32
|
Protection price: | 70% of initial price
|
Pricing date: | Feb. 26
|
Settlement date: | Feb. 29
|
Agent: | J.P. Morgan Securities Inc.
|
Fees: | 2.171%, including 1.711% for selling concessions
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.