New Issue: JPMorgan prices $120,000 12.45% reverse exchangeables linked to Standard Pacific

By Angela McDaniels

Seattle, Jan. 30 - JPMorgan Chase & Co. priced a $120,000 offering of 12.45% reverse exchangeable notes due Jan. 30, 2008 linked to the common stock of Standard Pacific Corp., according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

The payout at maturity will be par unless Standard Pacific stock falls by more than 30% during the life of the notes and finishes below the initial share price of $25.95, in which case the payout will be a number of Standard Pacific shares equal to $1,000 divided by the initial share price.

Issuer:	JPMorgan Chase & Co.
Issue:	Reverse exchangeable notes
Underlying stock:	Standard Pacific Corp.
Amount:	$120,000
Maturity:	Jan. 30, 2008
Coupon:	12.45%, payable monthly
Price:	100
Payout at maturity:	Par unless Standard Pacific stock falls by more than 30% during the life of the notes and finishes below the initial share price, in which case payout will be 38.53565 Standard Pacific shares
Initial share price:	$25.95
Pricing date:	Jan. 26
Settlement date:	Jan. 31
Agent:	J.P. Morgan Securities Inc.
Agent fees:	4.25%, including 3.125% for selling commissions

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.