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JPMorgan plans 10.5% reverse exchangeables linked to Silver Wheaton
By Toni Weeks
San Diego, Aug. 16 - JPMorgan Chase & Co. plans to price 10.5% upside autocallable single observation reverse exchangeable notes due Aug. 23, 2012 linked to the common stock of Silver Wheaton Corp., according to an FWP filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be automatically called at par on a quarterly call date if the closing price is greater than the initial share price. The call dates are Nov. 25, Feb. 24, 2012, May 24, 2012 and Aug. 20, 2012.
The payout at maturity will be par in cash, unless the final price of Silver Wheaton shares falls by more than 50% from the initial share price, in which case investors will receive a number of Silver Wheaton shares equal to $1,000 divided by the initial share price or, at JPMorgan's option, a cash amount equal to the value of those shares. The exact protection amount will be determined at pricing.
J.P. Morgan Securities LLC is the agent.
The notes (Cusip: 48125XM52) will price on Aug. 19 and settle on Aug. 24.
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