JPMorgan plans 15% reverse exchangeables linked to Disney

By E. Janene Geiss

Philadelphia, Oct. 16 - JPMorgan Chase & Co. plans to price 15% annualized reverse exchangeable notes due Jan. 30, 2009 linked to the common stock of the Walt Disney Co., according to an FWP filing with the Securities and Exchange Commission.

Interest will be payable monthly.

Payout at maturity will be par unless the closing price of Disney stock falls by more than 30% during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Disney shares equal to $1,000 divided by the initial share price or, at JPMorgan's option, the value of those shares in cash.

The notes are expected to price on Oct. 28 and settle on Oct. 31.

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

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