New Issue: JPMorgan prices $1.2 million 17% reverse convertibles linked to Western Refining

New York, March 18 - JPMorgan Chase & Co. priced $1.2 million of 17% reverse convertible notes due June 21, 2011 linked to Western Refining, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par in cash unless Western Refining shares fall below the protection price of $8.6, 53.616% of the initial price of $16.04, during the life of the notes and finish below the initial price in which case the payout will be 62.3441 shares of Western Refining stock.

JPMorgan is the agent.

Issuer:	JPMorgan Chase & Co.
Issue:	Reverse convertible notes
Underlying stock:	Western Refining, Inc. (Symbol: WNR)
Amount:	$1.2 million
Maturity:	June 21, 2011
Coupon:	17%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Western Refining shares fall below the protection price of $8.6, 53.616% of the initial price, and finish below the initial price, in which case 62.3441 shares of Western Refining stock
Initial price:	$16.04
Protection price:	$8.6, 53.616% of $16.04
Exchange ratio:	62.3441
Pricing date:	March 16
Settlement date:	March 21
Agent:	JPMorgan
Fees:	2.067%, including 1.433% for selling concessions
Cusip:	48125XKC9

© 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.