By Laura Lutz
Des Moines, Feb. 26 - JPMorgan Chase & Co. priced a $1.44 million issue of 19% upside auto callable reverse exchangeable notes due Aug. 28, 2008 linked to the common stock of Freeport-McMoRan Copper & Gold Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable monthly.
If the price of Freeport-McMoRan stock is greater than the initial price on May 22, 2008, the notes will be called at par plus accrued interest.
If Freeport-McMoRan stock falls below the knock-in price - 65% 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 Freeport-McMoRan 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: | Freeport-McMoRan Copper & Gold Inc. (Symbol: FCX)
|
| Amount: | $1,435,000
|
| Maturity: | Aug. 28, 2008
|
| Coupon: | 19%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | If Freeport-McMoRan 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 Freeport-McMoRan stock is above initial price on May 22, 2008
|
| Initial price: | $99.36
|
| Protection price: | $64.584, 65% of initial price
|
| Pricing date: | Feb. 22
|
| Settlement date: | Feb. 29
|
| Agent: | J.P. Morgan Securities Inc.
|
| Fees: | 3.7%, including 2.95% for selling concessions
|
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