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JPMorgan to price 11.5% reverse exchangeables linked to Apple
By E. Janene Geiss
Philadelphia, March 12 - JPMorgan Chase & Co. plans to price 11.5% reverse exchangeable notes due March 31, 2010 linked to the common stock of Apple 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 Apple stock falls by more than 40% during the life of the notes and finishes below the initial share price, in which case investors will receive a number of Apple shares equal to $1,000 divided by the initial share price or, at JPMorgan's option, the equivalent value in cash.
The notes are expected to price on March 26 and settle on March 31.
J.P. Morgan Securities Inc. will be the agent.
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