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JPMorgan to price 10.75% reverse exchangeables linked to Apple
By Angela McDaniels
Tacoma, Wash., July 9 - JPMorgan Chase & Co. plans to price 10.75% reverse exchangeable notes due July 31, 2009 linked to the common stock of Apple Inc., according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable monthly.
The payout at maturity will be par unless Apple 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 Apple 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 on July 28 and settle on July 31.
J.P. Morgan Securities Inc. will be the agent.
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