Published on 9/20/2006 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $3.25 million 17.5% exchangeables linked to Hansen Natural
By Jennifer Chiou
New York, Sept. 20 - JPMorgan Chase & Co. priced a $3.25 million issue of 17.5% reverse exchangeable notes due Sept. 24, 2007 linked to Hansen Natural Corp. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par unless Hansen Natural stock declines by more than 49.99% during the life of the notes and finishes below its initial share price, in which case the payout will be a number of Hansen Natural shares equal to $1,000 divided by the initial share price.
Issuer: | JPMorgan Chase & Co.
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Issue: | Reverse exchangeable notes
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Underlying stock: | Hansen Natural Corp.
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Amount: | $3.25 million
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Maturity: | Sept. 24, 2007
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Coupon: | 17.5%, payable quarterly
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Price: | Par
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Payout at maturity: | Par unless Hansen Natural stock falls below $17.59, the protection price, during the life of the notes and finishes below its initial share price, in which case 28.44 Hansen Natural shares
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Initial price: | $35.163
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Protection price: | $17.59, 50.01% of the initial share price
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Pricing date: | Sept. 19
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Settlement date: | Sept. 22
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Agent: | J.P. Morgan Securities Inc.
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