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JPMorgan plans 14.75% reverse exchangeables linked to Freeport-McMoRan
By Susanna Moon
Chicago, Sept. 30 - JPMorgan Chase & Co. plans to price 14.75% annualized reverse exchangeable notes due Oct. 9, 2009 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.
Payout at maturity will be par unless Freeport-McMoRan stock falls by more than 50% during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Freeport-McMoRan shares equal to $1,000 divided by the initial share price or, at JPMorgan's option, the value of those shares in cash.
The notes are expected to price on Oct. 7 and settle on Oct. 10.
J.P. Morgan Securities Inc. will be the agent.
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