New Issue: JPMorgan Chase sells $394,000 16% notes linked to Crocs

By E. Janene Geiss

Philadelphia, April 26 - JPMorgan Chase & Co. priced a $394,000 issue of reverse exchangeable notes due April 28, 2008 linked to the common stock of Crocs, Inc., according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be payable monthly.

The payout at maturity, in addition to interest, will be par unless Crocs stock falls by more 25% during the life of the notes and finishes below the initial share price of $52.67, in which case the payout will be a number Crocs shares equal to $1,000 divided by the initial share price or, at JPMorgan's option, the equivalent cash value.

J.P. Morgan Securities Inc. is the agent.

Issuer:	JPMorgan Chase & Co.
Issue:	Reverse exchangeable notes
Underlying stock:	Crocs, Inc.
Amount:	$394,000
Maturity:	April 28, 2008
Coupon:	16%, payable monthly
Price:	Par
Payout at maturity:	If Crocs stock falls by more than 25% during the life of the notes and finishes below the initial share price, 18.986 Crocs shares or, at JPMorgan's option, the equivalent cash value; otherwise par
Initial share price:	$52.67
Pricing date:	April 24
Settlement date:	April 27
Agent:	J.P. Morgan Securities Inc.
Agent fees:	2.48%, including 2.24% in selling concessions

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.