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JPMorgan to price 14.5% reverse convertibles linked to Wynn Resorts
New York, Jan. 7 - JPMorgan Chase & Co. plans to price 14.5% reverse convertible notes due July 29, 2010 linked to Wynn Resorts, Ltd. shares, according to an FWP filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Wynn Resorts 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 Wynn Resorts shares equal to $1,000 divided by the initial price.
The notes are expected to price on Jan. 26 and settle on Jan. 29.
JPMorgan is the agent.
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