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JPMorgan to price 9% reverse convertibles linked to Cummins
New York, Dec. 18 - JPMorgan Chase & Co. plans to price 9% reverse convertible notes due Dec. 30, 2013 linked to Cummins Inc. shares, according to an FWP filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Cummins shares fall below 80% of the initial price during the life of the notes and finish below the initial price, in which case the payout will be a number of Cummins shares equal to $1,000 divided by the initial price.
The notes are expected to price on Dec. 27 and settle on Dec. 31.
JPMorgan is the agent.
The Cusip number is 48126DQH5.
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