JPMorgan plans reverse exchangeables linked to worst performing of Caterpillar, Archer-Daniels stocks

By Jennifer Chiou

New York, April 9 - JPMorgan Chase & Co. plans to price reverse exchangeable notes due Oct. 22, 2008 linked to the worst performing of the common stocks of Caterpillar Inc. and Archer-Daniels-Midland Co., according to an FWP filing with the Securities and Exchange Commission.

The coupon will be at least 12.6% per year. Interest will be payable monthly.

If either reference stock finishes below 70% of its initial level, the payout at maturity will be shares of the worse-performing stock equal to par divided by the initial price of that stock, or the equivalent in cash.

Otherwise, the payout will be par.

The notes will price on April 17 and settle on April 22.

J.P. Morgan Securities Inc. will be the agent.

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