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JPMorgan plans 11.5% reverse exchangeables linked to Target
By E. Janene Geiss
Philadelphia, Sept. 12 - JPMorgan Chase & Co. plans to price 11.5% annualized reverse exchangeable notes due March 31, 2009 linked to the common stock of Target Corp., according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable monthly.
Payout at maturity will be par unless Target stock falls by more than 30% during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Target 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 Sept. 25 and settle on Sept. 30.
J.P. Morgan Securities Inc. will be the agent.
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