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JPMorgan to price 17.25% reverse exchangeables linked to Freeport-McMoRan
By Laura Lutz
Des Moines, April 7 - JPMorgan Chase & Co. plans to price an issue of 17.25% reverse exchangeable notes due July 31, 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 April 25 and settle on April 30.
J.P. Morgan Securities Inc. will be the agent.
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