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JPMorgan to price 10% reverse exchangeables linked to Costco
By Angela McDaniels
Tacoma, Wash., Feb. 11 - JPMorgan Chase & Co. plans to price reverse exchangeable notes due Aug. 20, 2008 linked to the common stock of Costco Inc., according to an FWP filing with the Securities and Exchange Commission.
The six-month notes will pay 5% for an annualized rate of 10%. Interest will be payable monthly.
The payout at maturity will be par unless Costco stock falls by more than 20% during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Costco shares equal to $1,000 divided by the initial share price or, at JPMorgan's option, the equivalent cash value.
The notes will price on Feb. 26 and settle on Feb. 29.
J.P. Morgan Securities Inc. will be the agent.
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