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JPMorgan plans 0% semiannual review notes linked to El Paso shares
By Susanna Moon
Chicago, May 4 - JPMorgan Chase & Co. plans to price 0% semiannual review notes due May 8, 2012 based on the common stock of El Paso Corp., according to an FWP filing with the Securities and Exchange Commission.
The notes will be automatically called at increasing premiums if the stock is at or above its initial share price on any of four review dates.
The redemption amount will be par plus at least 7.25% if the notes are called on Nov. 3, 2010, par plus at least 14.5% if called on May 23, 2011, par plus at least 21.75% if called on Nov. 3, 2011 and par plus at least 29% if called on May 3, 2012. The exact call premiums will be set at pricing.
If the notes are not called, investors will receive par if El Paso shares fall by up to 10% and will lose 1.1111% for every 1% decline beyond 10%.
The notes are expected to price on May 7 and settle on May 12.
J.P. Morgan Securities Inc. is the agent.
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