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JPMorgan plans to price 10.75% reverse exchangeables linked to Disney
By Angela McDaniels
Tacoma, Wash., April 13 - JPMorgan Chase & Co. plans to price 10.75% reverse exchangeable notes due April 30, 2010 linked to the common stock of Walt Disney Co., according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable monthly.
The payout at maturity will be par unless Disney stock falls by more than 40% during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Disney shares equal to $1,000 divided by the initial share price or, at JPMorgan's option, the value of those shares in cash.
The notes are expected to price April 27 and settle April 30.
J.P. Morgan Securities Inc. is the agent.
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