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JPMorgan to price 14% reverse exchangeables linked to Alcoa
By Angela McDaniels
Tacoma, Wash., Jan. 7 - JPMorgan Chase & Co. plans to price 14% reverse exchangeable notes due July 31, 2008 linked to the common stock of Alcoa Inc., according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable monthly.
The payout at maturity will be par unless Alcoa stock falls by more than 20% during the life of the notes and the final share price is less than the initial share price, in which case the payout will be a number of Alcoa shares equal to $1,000 divided by the initial share price or, at JPMorgan's option, the equivalent cash value.
The notes are expected to price on Jan. 28 and settle on Jan. 31.
J.P. Morgan Securities Inc. will be the agent.
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