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JPMorgan to price 10.04% reverse exchangeables linked to Sun Microsystems
By E. Janene Geiss
Philadelphia, Dec. 5 - JPMorgan Chase & Co. plans to price an issue of 10.04% reverse exchangeable notes due Dec. 31, 2007 linked to the common stock of Sun Microsystems, Inc.
Interest will be paid monthly.
At maturity, investors will receive par unless Sun Microsystems stock falls below the knock-in price - 80% of the initial share price - during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Sun shares equal to the $1,000 principal amount of the notes divided by the initial price of Sun's stock.
The notes are expected to price Dec. 26 and settle on Dec. 29.
J.P. Morgan Securities Inc. will be the agent.
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