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JPMorgan plans 11% reverse exchangeables linked to 3M
By E. Janene Geiss
Philadelphia, Oct. 16 - JPMorgan Chase & Co. plans to price 11% annualized reverse exchangeable notes due Jan. 30, 2009 linked to the common stock of 3M Co., according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable monthly.
Payout at maturity will be par unless 3M stock falls by more than 25% during the life of the notes and finishes below the initial share price, in which case the payout will be a number of 3M 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 Oct. 28 and settle on Oct. 31.
J.P. Morgan Securities Inc. will be the agent.
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