Published on 2/26/2009 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $0.673 million 22.25% reverse convertibles linked to General Electric
New York, Feb. 26 - JPMorgan Chase & Co. priced $0.673 million of 22.25% reverse convertible notes due Feb. 26, 2010 linked to General Electric Co. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash unless General Electric shares fall below the protection price of $4.54, 50% of the initial price of $9.08, during the life of the notes and finish below the initial price in which case the payout will be 110.1322 shares of General Electric stock.
JPMorgan is the agent.
Issuer: | JPMorgan Chase & Co.
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Issue: | Reverse convertible notes
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Underlying stock: | General Electric Co. (Symbol: GE)
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Amount: | $0.673 million
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Maturity: | Feb. 26, 2010
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Coupon: | 22.25%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless General Electric shares fall below the protection price of $4.54, 50% of the initial price, and finish below the initial price, in which case 110.1322 shares of General Electric stock
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Initial price: | $9.08
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Protection price: | $4.54, 50% of $9.08
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Exchange ratio: | 110.1322
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Pricing date: | Feb. 24
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Settlement date: | Feb. 27
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Agent: | JPMorgan
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Fees: | 5.91%, including 3.955% for selling concessions
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