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JPMorgan to price 10.5% reverse exchangeables linked to American Express
By Angela McDaniels
Tacoma, Wash., July 9 - JPMorgan Chase & Co. plans to price reverse exchangeable notes due Oct. 31, 2008 linked to the common stock of American Express Co., according to an FWP filing with the Securities and Exchange Commission.
The three-month notes will pay 2.625% for an annualized coupon of 10.5%. Interest will be payable monthly.
The payout at maturity will be par unless American Express stock falls by more than 30% during the life of the notes and finishes below the initial share price, in which case the payout will be a number of American Express shares equal to $1,000 divided by the initial share price or, at JPMorgan's option, the value of those shares in cash.
The notes are expected to price on July 28 and settle on July 31.
J.P. Morgan Securities Inc. will be the agent.
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