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JPMorgan to price 10.5% reverse exchangeables linked to Citigroup
By E. Janene Geiss
Philadelphia, Sept. 11 - JPMorgan Chase & Co. plans to price an issue of reverse exchangeable notes due March 28, 2008 linked to the common stock of Citigroup Inc., according to an FWP filing with the Securities and Exchange Commission.
The six-month notes will pay 5.25% for an annualized rate of 10.5%. Interest will be payable monthly.
The payout at maturity will be par unless Citigroup 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 Citigroup 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 Sept. 25 and settle on Sept. 28.
J.P. Morgan Securities Inc. will be the agent.
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