By Laura Lutz
Des Moines, Nov. 14 - JPMorgan Chase & Co. priced $2.05 million of 10.5% reverse exchangeable notes due Nov. 14, 2008 linked to General Electric Co. common stock, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable monthly.
If General Electric stock falls below 80% of the initial share price during the life of the notes and finishes below the initial share price, the payout will be a number of General Electric shares equal to par divided by the initial share price.
Otherwise, the payout will be par.
J.P. Morgan Securities Inc. is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Reverse exchangeable notes
|
| Underlying stock: | General Electric Co. (NYSE: GE)
|
| Amount: | $2.05 million
|
| Maturity: | Nov. 14, 2008
|
| Coupon: | 10.5%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par if General Electric stock falls below $30.704 during the life of the notes or finishes below the initial share price; otherwise, a number of shares equal to par divided by the initial price
|
| Initial share price: | $38.38
|
| Protection amount: | $30.704, 80% of the initial share price
|
| Pricing date: | Nov. 9
|
| Settlement date: | Nov. 15
|
| Agent: | J.P. Morgan Securities Inc.
|
| Fees: | 2.966%, including 2.406% for selling concessions
|
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