By Laura Lutz
Des Moines, Jan. 9 - JPMorgan Chase & Co. priced $1.38 million of 14% reverse exchangeable notes due July 11, 2008 linked to Alcoa Inc. common stock, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable monthly.
If Alcoa stock falls below 70% of the initial share price during the life of the notes and finishes below the initial share price, the payout will be a number of Alcoa shares equal to par divided by the initial share price.
Otherwise, the payout will be par.
J.P. Morgan Securities Inc. is the agent.
Issuer: | JPMorgan Chase & Co.
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Issue: | Reverse exchangeable notes
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Underlying stock: | Alcoa Inc. (Symbol: AA)
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Amount: | $1.38 million
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Maturity: | July 11, 2008
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Coupon: | 14%, payable monthly
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Price: | Par
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Payout at maturity: | Par if Alcoa stock falls below $21.70 during the life of the notes or finishes below the initial share price; otherwise, a number of shares equal to par divided by the initial price
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Initial price: | $31.00
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Protection price: | $21.70, 70% of the initial share price
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Pricing date: | Jan. 8
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Settlement date: | Jan. 11
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Agent: | J.P. Morgan Securities Inc.
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Fees: | 2.5%, including 1.8% for selling concessions
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