JPMorgan to price 12.25% reverse exchangeables linked to Sotheby's

By Jennifer Chiou

New York, June 5 - JPMorgan Chase & Co. plans to price 12.25% reverse exchangeable notes due June 30, 2008 linked to the common stock of Sotheby's, according to an FWP filing with the Securities and Exchange Commission.

Interest will be payable monthly.

The payout at maturity will be par unless Sotheby's stock falls by more than 25% during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Sotheby's 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 June 26 and settle June 29.

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

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