JPMorgan to price 11% reverse exchangeables linked to Apple

By Laura Lutz

Des Moines, April 7 - JPMorgan Chase & Co. plans to price an issue of 11% reverse exchangeable notes due April 30, 2009 linked to the common stock of Apple Inc., according to an FWP filing with the Securities and Exchange Commission.

Interest will be payable monthly.

If the stock drops below the knock-in price - 60% of the initial share price - during the life of the notes and finishes below its initial price, the payout at maturity will be a number of Apple shares equal to par divided by the initial share price.

Otherwise, the payout will be par.

The notes will price on April 25 and settle on April 30.

J.P. Morgan Securities Inc. will be the agent.

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