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JPMorgan to price 19% reverse exchangeables linked to Research in Motion
By E. Janene Geiss
Philadelphia, Oct. 11 - JPMorgan Chase & Co. plans to price an issue of reverse exchangeable notes due April 30, 2008 linked to the common stock of Research in Motion Ltd., according to an FWP filing with the Securities and Exchange Commission.
The six-month notes will pay 9.5% for an annualized interest rate of 19%. Interest will be payable monthly.
The payout at maturity will be par unless Research in Motion stock falls below the knock-in price - 70% 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 Research in Motion shares equal to $1,000 divided by the initial share price or, at JPMorgan's option, the equivalent cash value.
The notes will price Oct. 26 and settle Oct. 31.
J.P. Morgan Securities Inc. will be the agent.
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