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JPMorgan Chase Announces Completion of Internal Restructuring Transactions Related to Bear Stearns Acquisition

Posted by J.S.

July 31, 2008

New York, July 31, 2008 - JPMorgan Chase & Co. (NYSE: JPM) announced today that it completed its previously announced internal restructuring transactions related to the acquisition of The Bear Stearns Companies LLC (formerly known as The Bear Stearns Companies Inc.). On July 31, 2008, in connection with the transfer to JPMorgan Chase of Bear, Stearns & Co. Inc., Bear Stearns’ broker dealer, JPMorgan Chase assumed all of Bear Stearns’ then-outstanding SEC-registered U.S. debt securities and Bear Stearns’ obligations relating to trust preferred securities. The SEC-registered U.S. debt securities and obligations relating to the trust preferred securities were previously guaranteed by JPMorgan Chase on July 15, 2008, as an initial step in the restructuring transactions. On July 31, 2008, JPMorgan Chase also (1) assumed certain of Bear Stearns’ then-outstanding foreign debt securities and certain of Bear Stearns’ guarantees of then-outstanding foreign debt securities issued by subsidiaries of Bear Stearns, in each case, in accordance with the agreements and indentures governing these securities and (2) guaranteed Bear Stearns obligations under Bear Stearns’ U.S. $30.0 billion Euro Medium Term Note Programme and Bear Stearns’ U.S. $4.0 billion Euro Note Issuance Programme.

About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $1.8 trillion and operations in more than 60 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management, and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase serves millions of consumers in the United States and many of the world’s most prominent corporate, institutional and government clients under its JPMorgan and Chase brands.
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