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JPMorgan to price 9% reverse exchangeables linked to Bank of America
By E. Janene Geiss
Philadelphia, Oct. 9 - JPMorgan Chase & Co. plans to price an issue of 9% reverse exchangeable notes due Oct. 16, 2008 linked to the common stock of Bank of America Corp., according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable monthly.
The payout at maturity will be par unless Bank of America stock falls below the knock-in price - 80% of the initial share price - during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Bank of America shares equal to $1,000 divided by the initial share price or, at JPMorgan's option, the equivalent cash value.
The notes will price on Oct. 11 and settle on Oct. 16.
J.P. Morgan Securities Inc. will be the agent.
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