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JPMorgan to price 15% reverse convertibles linked to Sprint Nextel
New York, Sept. 7 - JPMorgan Chase & Co. plans to price 15% reverse convertible notes due Sept. 30, 2011 linked to Sprint Nextel Corp. shares, according to an FWP filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Sprint Nextel shares fall below 75% of the initial price during the life of the notes and finish below the initial price, in which case the payout will be a number of Sprint Nextel shares equal to $1,000 divided by the initial price.
The notes are expected to price on Sept. 27 and settle on Sept. 30.
JPMorgan is the agent.
The Cusip number is 48124AF51.
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