JPMorgan plans issue of 9.5% reverse exchangeable notes linked to Sprint Nextel

By Jennifer Chiou

New York, Aug. 9 - JPMorgan Chase & Co. plans to price an issue of 9.5% reverse exchangeable notes due Aug. 31, 2007 linked to the Sprint Nextel Corp. stock, according to an FWP filing with the Securities and Exchange Commission.

Interest will be payable monthly.

The pricing date is expected to be on or about Aug. 25 with settlement on Aug. 30.

Noteholders will receive par unless the final share price of Sprint Nextel stock is less than the initial price and it falls below the protection amount during the life of the notes, in which case a number of Sprint Nextel shares equal to $1,000 divided by the initial share price. The protection amount is 20% of the initial share price.

Investors will share in any losses.

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

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