JPMorgan to price 15% reverse exchangeables linked to Silver Wheaton

By E. Janene Geiss

Philadelphia, July 10 - JPMorgan Chase & Co. plans to price reverse exchangeable notes due Jan. 31, 2008 linked to the common stock of Silver Wheaton Corp., according to an FWP filing with the Securities and Exchange Commission.

The six-month notes will pay 7.5% for an annualized rate of 15%. Interest will be payable monthly.

The payout at maturity will be par unless Silver Wheaton stock falls by more than 20% during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Silver Wheaton shares equal to $1,000 divided by the initial share price or, at JPMorgan's option, the equivalent cash value.

The notes are expected to price July 26 and settle July 31.

J.P. Morgan Securities Inc. will be the agent. Incapital LLC is the distributor.

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