By Marisa Wong
Milwaukee, May 24 - JPMorgan Chase & Co. priced $4.3 million of 10% upside auto callable single observation reverse exchangeable notes due May 25, 2011 linked to the common stock of General Electric Co., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be automatically called at par plus accrued interest if the closing price of General Electric stock is above the initial share price on any of four call dates. The call dates are Aug. 20, Nov. 22, Feb. 22, 2011 and May 20, 2011.
If the notes are not called, the payout at maturity will be par unless the closing price of General Electric stock on May 20, 2011 is less than 75% of the initial share price, in which case the payout will be a number of General Electric shares equal to $1,000 principal amount divided by the initial share price or, at JPMorgan's option, the equivalent amount in cash.
J.P. Morgan Securities Inc. is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Upside auto callable single observation reverse exchangeable notes
|
| Underlying stock: | General Electric Co. (NYSE: GE)
|
| Amount: | $4.3 million
|
| Maturity: | May 25, 2011
|
| Coupon: | 10%, payable monthly
|
| Price: | Par
|
| Call: | Automatically at par plus accrued interest if General Electric stock closes above initial share price on Aug. 20, Nov. 22, Feb. 22, 2011 or May 20, 2011
|
| Payout at maturity: | If final share price has declined from initial share price by more than the protection amount, 61.5006 General Electric shares or equivalent in cash; otherwise, par
|
| Initial share price: | $16.26
|
| Protection amount: | $4.065, 25% of initial price
|
| Pricing date: | May 20
|
| Settlement date: | May 25
|
| Agent: | J.P. Morgan Securities Inc.
|
| Fees: | 4.517%
|
| Cusip: | 48124ARG4
|
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