By Jennifer Chiou
New York, June 16 - JPMorgan Chase & Co. priced $1.25 million of 17.5% annualized single observation reverse exchangeable notes due Nov.18, 2010 linked to the common stock of Freeport-McMoRan Copper & Gold Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The payout at maturity will be par unless the closing price of Freeport-McMoRan stock on Nov. 15, 2010 is less than 70% of 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 equivalent amount in cash.
J.P. Morgan Securities Inc. is the agent.
Issuer: | JPMorgan Chase & Co.
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Issue: | Single observation reverse exchangeable notes
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Underlying stock: | Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX)
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Amount: | $1.25 million
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Maturity: | Nov.18, 2010
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Coupon: | 17.5%, payable monthly
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Price: | Par
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Payout at maturity: | If final share price has declined from initial share price by more than the protection amount, 15.3233 Freeport-McMoRan shares or equivalent in cash; otherwise, par
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Initial share price: | $65.26
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Protection amount: | $19.578, 30% of initial price
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Pricing date: | June 14
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Settlement date: | June 17
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Agent: | J.P. Morgan Securities Inc.
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Fees: | 0.9%
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Cusip: | 48124AUQ8
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