JPMorgan to price 13.25% reverse exchangeables linked to Office Depot

By E. Janene Geiss

Philadelphia, Oct. 10 - JPMorgan Chase & Co. plans to price an issue of reverse exchangeable notes due April 30, 2008 linked to the common stock of Office Depot, Inc., according to an FWP filing with the Securities and Exchange Commission.

The six-month notes will pay 6.625% for an annualized rate of 13.25%. Interest will be payable monthly.

The payout at maturity will be par unless Office Depot stock falls below the knock-in price - 75% of the initial share price - during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Office Depot shares equal to $1,000 divided by the initial share price or, at JPMorgan's option, the equivalent cash value.

The notes will price on Oct. 26 and settle on Oct. 31.

J.P. Morgan Securities Inc. will be the agent.

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