New Issue: JPMorgan Chase sells $1.037 million 12% notes linked to Las Vegas Sands

By E. Janene Geiss

Philadelphia, April 26 - JPMorgan Chase & Co. priced a $1.037 million issue of reverse exchangeable notes due Oct. 26, 2007 linked to the common stock of Las Vegas Sands Corp., according to a 424B2 filing with the Securities and Exchange Commission.

The six-month notes will pay 6% for an annualized rate of 12%. Interest will be payable at maturity.

The payout at maturity, in addition to interest, will be par unless Las Vegas Sands stock falls by more than 30% during the life of the notes and finishes below the initial share price of $89.80, in which case the payout will be a number Las Vegas Sands shares equal to $1,000 divided by the initial share price or, at JPMorgan's option, the equivalent cash value.

J.P. Morgan Securities Inc. is the agent.

Issuer:	JPMorgan Chase & Co.
Issue:	Reverse exchangeable notes
Underlying stock:	Las Vegas Sands Corp.
Amount:	$1.037 million
Maturity:	Oct. 26, 2007
Coupon:	12%, payable at maturity
Price:	Par
Payout at maturity:	If Las Vegas Sands stock falls by more than 30% during the life of the notes and finishes below the initial share price, 11.136 Las Vegas Sands shares or, at JPMorgan's option, the equivalent cash value; otherwise, par
Initial share price:	$89.80
Pricing date:	April 24
Settlement date:	April 27
Agent:	J.P. Morgan Securities Inc.
Agent fees:	1.779%, including 1.639% for selling concession

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.