JPMorgan to price 11% reverse exchangeables linked to Diana Shipping

By Angela McDaniels

Tacoma, Wash., June 9 - JPMorgan Chase & Co. plans to price reverse exchangeable notes due Dec. 31, 2008 linked to the common stock of Diana Shipping Inc., according to an FWP filing with the Securities and Exchange Commission.

The six-month notes will pay 5.5% for an annualized coupon of 11%. Interest will be payable monthly.

The payout at maturity will be par unless Diana Shipping stock falls by more than 40% during the life of the notes and the final share price is less than initial share price, in which case the payout will be a number of Diana Shipping shares equal to $1,000 divided by the initial share price or, at JPMorgan's option, an equivalent amount in cash.

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

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

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