Published on 5/24/2011 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $1 million 12.75% reverse convertibles linked to OmniVision Technologies
New York, May 24 - JPMorgan Chase & Co. priced $1 million of 12.75% reverse convertible notes due Aug. 25, 2011 linked to OmniVision Technologies, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless OmniVision Technologies shares fall below the protection price of $22.11, 62.212% of the initial price of $35.54, during the life of the notes and finish below the initial price in which case the payout will be 28.1373 shares of OmniVision Technologies stock.
JPMorgan is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Reverse convertible notes
|
| Underlying stock: | OmniVision Technologies, Inc. (Symbol: OVTI)
|
| Amount: | $1 million
|
| Maturity: | Aug. 25, 2011
|
| Coupon: | 12.75%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par in cash unless OmniVision Technologies shares fall below the protection price of $22.11, 62.212% of the initial price, and finish below the initial price, in which case 28.1373 shares of OmniVision Technologies stock
|
| Initial price: | $35.54
|
| Protection price: | $22.11, 62.212% of $35.54
|
| Exchange ratio: | 28.1373
|
| Pricing date: | May 20
|
| Settlement date: | May 25
|
| Agent: | JPMorgan
|
| Fees: | 1.5%, including 1% for selling concessions
|
| Cusip: | 48125XSR8
|
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