New Issue: JPMorgan prices $3.25 million 17.5% exchangeables linked to Hansen Natural

By Jennifer Chiou

New York, Sept. 20 - JPMorgan Chase & Co. priced a $3.25 million issue of 17.5% reverse exchangeable notes due Sept. 24, 2007 linked to Hansen Natural Corp. stock, according to a 424B2 filing with the Securities and Exchange Commission.

Payout at maturity will be par unless Hansen Natural stock declines by more than 49.99% during the life of the notes and finishes below its initial share price, in which case the payout will be a number of Hansen Natural shares equal to $1,000 divided by the initial share price.

Issuer:	JPMorgan Chase & Co.
Issue:	Reverse exchangeable notes
Underlying stock:	Hansen Natural Corp.
Amount:	$3.25 million
Maturity:	Sept. 24, 2007
Coupon:	17.5%, payable quarterly
Price:	Par
Payout at maturity:	Par unless Hansen Natural stock falls below $17.59, the protection price, during the life of the notes and finishes below its initial share price, in which case 28.44 Hansen Natural shares
Initial price:	$35.163
Protection price:	$17.59, 50.01% of the initial share price
Pricing date:	Sept. 19
Settlement date:	Sept. 22
Agent:	J.P. Morgan Securities Inc.

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