JPMorgan to price 25% three-month reverse exchangeables linked to Elan

By E. Janene Geiss

Philadelphia, May 8 - JPMorgan Chase & Co. plans to price an offering of 6.25% (25% annual equivalent) reverse exchangeable notes due Aug. 31, 2007 linked to the American Depositary Shares representing Elan Corp., plc stock, according to an FWP filing with the Securities and Exchange Commission.

The notes are expected to price May 24 and settle May 31.

Interest will be payable at maturity.

If Elan ADSs fall by more than 20% of the initial price during the life of the notes and finishes below the initial share price, the payout will be a number of Elan ADSs equal to $1,000 divided by the initial price.

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

© 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.