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JPMorgan plans 10% reverse exchangeables linked to Caterpillar
By Susanna Moon
Chicago, Sept. 3 - JPMorgan Chase & Co. plans to price 10% annualized reverse exchangeable notes due March 12, 2009 linked to the common stock of Caterpillar Inc., according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable monthly.
Payout at maturity will be par unless Caterpillar 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 Caterpillar 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 Sept. 9 and settle Sept. 12.
J.P. Morgan Securities Inc. will be the agent.
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