New Issue: JPMorgan prices $487,000 11.25% reverse convertibles linked to Superior Energy

New York, July 26 - JPMorgan Chase & Co. priced $487,000 of 11.25% reverse convertible notes due Oct. 27, 2010 linked to Superior Energy Services, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par in cash unless Superior Energy shares fall below the protection price of $18.864, 80% of the initial price of $23.58, during the life of the notes and finish below the initial price in which case the payout will be 42.4088 shares of Superior Energy stock.

JPMorgan is the agent.

Issuer:	JPMorgan Chase & Co.
Issue:	Reverse convertible notes
Underlying stock:	Superior Energy Services, Inc. (Symbol: SPN)
Amount:	$487,000
Maturity:	Oct. 27, 2010
Coupon:	11.25%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Superior Energy shares fall below the protection price of $18.864, 80% of the initial price, and finish below the initial price, in which case 42.4088 shares of Superior Energy stock
Initial price:	$23.58
Protection price:	$18.864, 80% of $23.58
Exchange ratio:	42.4088
Pricing date:	July 22
Settlement date:	July 27
Agent:	JPMorgan
Fees:	3%, including 1.75% for selling concessions
Cusip:	48124AXL6

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