JPMorgan to price 10% reverse exchangeables linked to Schering-Plough

By Angela McDaniels

Tacoma, Wash., June 10 - JPMorgan Chase & Co. plans to price 10% reverse exchangeable notes due June 30, 2009 linked to the common stock of Schering-Plough Corp., according to an FWP filing with the Securities and Exchange Commission.

Interest will be payable monthly.

The payout at maturity will be par unless Schering-Plough stock falls by more than 30% during the life of the notes and the final share price is less than initial share price, in which case the payout will be a number of Schering-Plough shares equal to $1,000 divided by the initial share price or, at JPMorgan's option, an equivalent amount in cash.

The notes are expected to price on June 25 and settle on June 30.

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

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