Published on 6/30/2011 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $317,000 16.55% reverse convertibles linked to DryShips
New York, June 30 - JPMorgan Chase & Co. priced $317,000 of 16.55% reverse convertible notes due Sept. 30, 2011 linked to DryShips Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless DryShips shares fall below the protection price of $3.04, 75% of the initial price of $4.05, during the life of the notes and finish below the initial price in which case the payout will be 246.9136 shares of DryShips stock.
JPMorgan is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Reverse convertible notes
|
| Underlying stock: | DryShips Inc. (Symbol: DRYS)
|
| Amount: | $317,000
|
| Maturity: | Sept. 30, 2011
|
| Coupon: | 16.55%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par in cash unless DryShips shares fall below the protection price of $3.04, 75% of the initial price, and finish below the initial price, in which case 246.9136 shares of DryShips stock
|
| Initial price: | $4.05
|
| Protection price: | $3.04, 75% of $4.05
|
| Exchange ratio: | 246.9136
|
| Pricing date: | June 28
|
| Settlement date: | June 30
|
| Agent: | JPMorgan
|
| Cusip: | 48125XVD5
|
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