JPMorgan plans 12% reverse exchangeables linked to Freeport-McMoRan

By Toni Weeks

San Diego, April 27 - JPMorgan Chase & Co. plans to price 12% single observation reverse exchangeable notes due May 22, 2012 linked to the common stock of Freeport-McMoRan Copper & Gold Inc., according to an FWP filing with the Securities and Exchange Commission.

Interest is payable monthly.

The payout at maturity will be par in cash unless the final price of Freeport-McMoRan shares is less than the initial share price by a protection amount that is expected to be 22.5% to 26.5% of the initial share price, in which case investors will receive a number of Freeport-McMoRan shares equal to $1,000 divided by the initial share price or, at JPMorgan's option, a cash amount equal to the value of those shares. The exact protection amount will be determined at pricing.

J.P. Morgan Securities LLC is the agent.

The notes (Cusip: 48125XNR3) will price on May 17 and settle on May 20.

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