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JPMorgan to price 8.25% reverse convertibles linked to Hess
New York, Sept. 4 - JPMorgan Chase & Co. plans to price 8.25% reverse convertible notes due March 23, 2012 linked to Hess Corp. shares, according to an FWP filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Hess shares fall below 65% of the initial price during the life of the notes and finish below the initial price, in which case the payout will be a number of Hess shares equal to $1,000 divided by the initial price.
The notes are expected to price on Sept. 19 and settle on Sept. 24.
JPMorgan is the agent.
The Cusip number is 48125V5U0.
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