JPM ups planned coupon for Yahoo-linked reverse convertibles to 10.25%

By Jennifer Chiou

New York, July 21 - JPMorgan Chase & Co. now plans to price 10.25% reverse convertible notes due Feb. 15, 2011 linked to Yahoo! Inc. shares, according to an FWP filing with the Securities and Exchange Commission.

The planned coupon was raised from a prior rate of at least 9.15%. The exact rate will be set at pricing.

The payout at maturity will be par in cash unless Yahoo shares fall below 70% of the initial price during the life of the notes and finish below the initial price, in which case the payout will be a number of Yahoo shares equal to $1,000 divided by the initial price.

The notes (Cusip 48124AXG7) are still expected to price on Aug. 10 and settle on Aug. 13.

JPMorgan is the agent.

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