JPMorgan plans 11.4% reverse exchangeables tied to UPS class B stock

By Jennifer Chiou

New York, June 19 - JPMorgan Chase & Co. plans to price 11.4% reverse exchangeable notes due June 30, 2010 linked to the class B common stock of United Parcel Service, Inc., according to an FWP filing with the Securities and Exchange Commission.

Interest will be payable monthly.

The payout at maturity will be par unless UPS class B stock falls by more than 20% during the life of the notes and finishes below the initial share price, in which case the payout will be a number of UPS class B shares equal to $1,000 divided by the initial share price or, at JPMorgan's option, the value of those shares in cash.

The notes are expected to price on June 25 and settle on June 30.

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

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