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JPMorgan to price 12% reverse convertibles linked to Apple
New York, July 19 - JPMorgan Chase & Co. plans to price 12% reverse convertible notes due July 29, 2011 linked to Apple Inc. shares, according to an FWP filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Apple 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 Apple shares equal to $1,000 divided by the initial price.
The notes are expected to price on July 27 and settle on July 30.
JPMorgan is the agent.
The Cusip number is 48124AWU7.
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