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JPMorgan to price 22.25% reverse convertibles linked to U.S. Steel
New York, June 7 - JPMorgan Chase & Co. plans to price 22.25% reverse convertible notes due Sept. 30, 2010 linked to United States Steel Corp. shares, according to an FWP filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless U.S. Steel shares fall below 75% 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 U.S. Steel shares equal to $1,000 divided by the initial price.
The notes are expected to price on June 25 and settle on June 30.
JPMorgan is the agent.
The Cusip number is 48124ATM9.
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