Published on 9/29/2010 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $836,000 15.5% reverse convertibles linked to Massey Energy
New York, Sept. 29 - JPMorgan Chase & Co. priced $836,000 of 15.5% reverse convertible notes due Dec. 31, 2010 linked to Massey Energy Co. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Massey Energy shares fall below the protection price of $23.5875, 75% of the initial price of $31.45, during the life of the notes and finish below the initial price in which case the payout will be 31.7965 shares of Massey Energy stock.
JPMorgan is the agent.
Issuer: | JPMorgan Chase & Co.
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Issue: | Reverse convertible notes
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Underlying stock: | Massey Energy Co. (Symbol: MEE)
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Amount: | $836,000
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Maturity: | Dec. 31, 2010
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Coupon: | 15.5%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Massey Energy shares fall below the protection price of $23.5875, 75% of the initial price, and finish below the initial price, in which case 31.7965 shares of Massey Energy stock
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Initial price: | $31.45
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Protection price: | $23.5875, 75% of $31.45
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Exchange ratio: | 31.7965
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Pricing date: | Sept. 27
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Settlement date: | Sept. 30
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Agent: | JPMorgan
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Cusip: | 48124AE60
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