JPMorgan plans issue of 17.5% reverse exchangeable notes linked to SanDisk

By Jennifer Chiou

New York, Aug. 9 - JPMorgan Chase & Co. plans to price an issue of 17.5% reverse exchangeable notes due Aug. 31, 2007 linked to the SanDisk Corp. stock, according to an FWP filing with the Securities and Exchange Commission.

Interest will be payable monthly.

The pricing date is expected to be on or about Aug. 25 with settlement on Aug. 30.

Noteholders will receive par unless the final share price of SanDisk stock is less than the initial price and it falls below the protection amount during the life of the notes, in which case a number of SanDisk shares equal to $1,000 divided by the initial share price. The protection amount is 30% of the initial share price.

Investors will share in any losses.

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

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