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JPMorgan to price 16.75% reverse exchangeables linked to Valero Energy
By E. Janene Geiss
Philadelphia, May 12 - JPMorgan Chase & Co. plans to price reverse exchangeable notes due Dec. 1, 2008 linked to the common stock of Valero Energy Corp., according to an FWP filing with the Securities and Exchange Commission.
The six-month notes will pay 8.375% for an annualized rate of 16.75%. Interest will be payable monthly.
The payout at maturity will be par unless Valero Energy stock falls by more than 20% during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Valero Energy shares equal to $1,000 divided by the initial share price or, at JPMorgan's option, the equivalent cash value.
The notes will price May 27 and settle May 30.
J.P. Morgan Securities Inc. will be the agent.
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