By Jennifer Chiou
New York, May 22 - JPMorgan Chase & Co. priced a $0.65 million issue of 9% reverse exchangeable notes due May 23, 2008 linked to Amgen Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.
If Amgen stock falls by more than 20% of the initial share price during the life of the notes and finishes below the initial share price, the payout will be a number of Amgen shares equal to $1,000 divided by the initial share price.
If the stock declines by more than the protection amount, investors will share in any losses.
Interest will be payable monthly.
J.P. Morgan Securities Inc. is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Reverse exchangeable notes
|
| Underlying stock: | Amgen Inc.
|
| Amount: | $0.65 million
|
| Maturity: | May 23, 2008
|
| Coupon: | 9%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par unless Amgen stock falls by more than $10.81 during the life of the notes and finishes below the initial share price, in which case payout will be 18.5048 Amgen shares
|
| Initial share price: | $54.04
|
| Protection amount: | $10.81, 20% of the initial share price
|
| Pricing date: | May 18
|
| Settlement date: | May 23
|
| Agent: | J.P. Morgan Securities Inc.
|
| Fees: | 2.77%, including 2.37% for selling concessions
|
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