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JPMorgan to price 20% reverse exchangeables linked to Hess
By Susanna Moon
Chicago, Jan. 16 - JPMorgan Chase & Co. plans to price 20% reverse exchangeable notes due April 30, 2009 linked to the common stock of Hess Corp., according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable monthly.
Payout at maturity will be par unless Hess stock falls by more than 40% during the life of the notes and finishes below the initial share price, in which case investors will receive a number of Hess shares equal to $1,000 divided by the initial share price or, at JPMorgan's option, the equivalent value in cash.
The notes are expected to price on Jan. 27 and settle on Jan. 30.
J.P. Morgan Securities Inc. will be the agent.
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