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JPMorgan to price 9% reverse exchangeables linked to Pfizer
By E. Janene Geiss
Philadelphia, March 12 - JPMorgan Chase & Co. plans to price 9% annualized reverse exchangeable notes due March 31, 2009 linked to the common stock of Pfizer Inc., according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable monthly.
Investors will receive par unless Pfizer stock falls below 80% of the initial share price during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Pfizer shares equal to $1,000 divided by the initial share price.
The notes are expected to price on March 26 and settle on March 31.
J.P. Morgan Securities Inc. will be the agent.
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