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JPMorgan to price 13.5% reverse convertibles linked to Freeport-McMoRan
New York, Dec. 8 - JPMorgan Chase & Co. plans to price 13.5% reverse convertible notes due June 28, 2011 linked to Freeport-McMoRan Copper & Gold Inc. shares, according to an FWP filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Freeport-McMoRan shares fall below 80% of the initial price during the life of the notes and finish below the initial price, in which case the payout will be a number of Freeport-McMoRan shares equal to $1,000 divided by the initial price.
The notes are expected to price on Dec. 22 and settle on Dec. 28.
JPMorgan is the agent.
The Cusip number is 48124A5B9.
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