New Issue: JPMorgan prices $0.582 million 20.4% notes linked to Las Vegas Sands

By Jennifer Chiou

New York, Feb. 16 - JPMorgan Chase & Co. priced a $0.582 million offering of 20.4% equivalent reverse exchangeable notes due May 18, 2007 linked to the common stock of Las Vegas Sands Corp., according to a 424B2 filing with the Securities and Exchange Commission.

The notes will pay 5.1% interest during the three-month term.

The payout at maturity will be par unless Las Vegas Sands stock falls by more than 20% during the life of the notes and finishes below the initial share price of $91.87, in which case the payout will be a number of Las Vegas Sands shares equal to $1,000 divided by the initial share price.

Issuer:	JPMorgan Chase & Co.
Issue:	Reverse exchangeable notes
Underlying stock:	Las Vegas Sands Corp.
Amount:	$0.582 million
Maturity:	May 18, 2007
Coupon:	20.4% equivalent (5.1% interest during the three-month term)
Price:	Par
Payout at maturity:	Par unless Las Vegas Sands stock falls by more than 20% during the life of the notes and finishes below the initial share price, in which case payout will be 10.8849 Las Vegas Sands shares
Initial share price:	$91.87
Protection price:	$73.496, 80% of the initial price
Pricing date:	Feb. 15
Settlement date:	Feb. 21
Agent:	J.P. Morgan Securities Inc.
Agent fees:	2%, including 1.25% for selling commissions

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