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JPMorgan to price 19.8% reverse convertibles linked to McMoRan Exploration
New York, Aug. 3 - JPMorgan Chase & Co. plans to price 19.8% reverse convertible notes due Nov. 17, 2011 linked to McMoRan Exploration Co. shares, according to an FWP filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless McMoRan Exploration shares fall below 80% of the initial price during the life of the notes and finish below the initial price, in which case the payout will be a number of McMoRan Exploration shares equal to $1,000 divided by the initial price.
The notes are expected to price on Aug. 12 and settle on Aug. 17.
JPMorgan is the agent.
The Cusip number is 48125XF35.
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