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JPMorgan to price 11.3% reverse exchangeables linked to Baker Hughes
By Susanna Moon
Chicago, March 10 - JPMorgan Chase & Co. plans to price reverse exchangeable notes due Sept. 30, 2008 linked to the common stock of Baker Hughes Inc., according to an FWP filing with the Securities and Exchange Commission.
The six-month notes will pay 5.65% for an annualized rate of 11.3%. Interest will be payable monthly.
The payout at maturity will be par unless Baker Hughes 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 Baker Hughes shares equal to $1,000 divided by the initial share price or, at JPMorgan's option, the equivalent cash value.
The notes will price on March 26 and settle on March 31.
J.P. Morgan Securities Inc. will be the agent.
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