By Jennifer Chiou
New York, Sept. 27 - JPMorgan Chase & Co. priced a $950,000 issue of 12.5% annualized reverse exchangeable notes due March 28, 2008 linked to the least-performing common stock in a basket of stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The basket includes Microsoft Corp., Pfizer Inc. and General Electric Co.
Interest will be payable monthly.
The payout at maturity will be par unless any stock included in the basket falls below its protection price during the life of the notes, in which case the payout will be a number of shares of the least-performing stock equal to $1,000 divided by the stock's initial share price. If the cash value of the physical delivery amount is greater than $1,000, investors will receive par in cash.
The protection price is 75% of the initial share price.
J.P. Morgan Securities Inc. is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Reverse exchangeable notes
|
| Underlying stocks: | Microsoft Corp., Pfizer Inc. and General Electric Co.
|
| Amount: | $950,000
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| Coupon: | 12.5% annualized
|
| Maturity: | March 28, 2008
|
| Payout at maturity: | Par unless any stock included in the basket falls below its protection price during the life of the notes, in which case the payout will be a number of shares of the least-performing stock equal to $1,000 divided by the stock's initial share price. If the cash value of the physical delivery amount is greater than $1,000, investors will receive par in cash; protection price is 75% of initial amount
|
| Pricing date: | Sept. 25
|
| Settlement date: | Sept. 28
|
| Agent: | J.P. Morgan Securities Inc.
|
| Fees: | 0.19%, including 0.17% selling concession
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