By Laura Lutz
Des Moines, March 19 - JPMorgan Chase & Co. priced a $1.32 million issue of 17.5% upside auto callable reverse exchangeable notes due Sept. 26, 2008 linked to the common stock of Research in Motion Ltd., according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable monthly.
If the price of Research in Motion stock is greater than the initial price on June 23, 2008, the notes will be called at par plus accrued interest.
If Research in Motion stock falls below the knock-in price - 55% of the initial value - during the life of the notes and finishes below its initial price, the payout at maturity will be a number of Research in Motion shares equal to par divided by the initial price.
Otherwise, the payout at maturity will be par.
J.P. Morgan Securities Inc. is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Upside auto callable reverse exchangeable notes
|
| Underlying stock: | Research in Motion Ltd. (Symbol: RIMM)
|
| Amount: | $1.32 million
|
| Maturity: | Sept. 26, 2008
|
| Coupon: | 17.5%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | If Research in Motion stock falls below knock-in price during life of notes and finishes below initial price, a number of shares equal to par divided by the initial price; otherwise, par
|
| Call: | At par plus accrued interest if Research in Motion stock is above initial price on June 23, 2008
|
| Initial price: | $105.00
|
| Protection price: | $57.75, 55% of initial price
|
| Pricing date: | March 18
|
| Settlement date: | March 26
|
| Agent: | J.P. Morgan Securities Inc.
|
| Fees: | 3.787%, including 3% for selling concessions
|
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