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JPMorgan plans 12.5% upside autocallable reverse exchangeables linked to Las Vegas Sands
By Angela McDaniels
Tacoma, Wash., Feb. 3 - JPMorgan Chase & Co. plans to price upside autocallable single observation reverse exchangeable notes due Feb. 16, 2012 linked to the common stock of Las Vegas Sands Corp., according to an FWP filing with the Securities and Exchange Commission.
The coupon will be at least 12.5% and will be set at pricing. Interest will be payable monthly.
The notes will be called at par if Las Vegas Sands stock closes above the initial share price on May 11, Aug. 11, 2011, Nov. 10, 2011 or Feb. 13, 2012.
The payout at maturity will be par unless the final share price is less than 70% of the initial share price, in which case the payout will be a number of Las Vegas Sands shares equal to $1,000 divided by the initial share price or, at JPMorgan's option, a cash amount equal to the value of those shares.
The notes (Cusip: 48125XDK9) are expected to price Feb. 11 and settle Feb. 16.
J.P. Morgan Securities LLC is the agent.
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