By Marisa Wong
Madison, Wis., Dec. 3 – JPMorgan Chase & Co. priced $3.29 million of trigger phoenix autocallable optimization securities due May 31, 2016 linked to Community Health Systems, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 11% if the stock closes at or above the coupon barrier, 70% of the initial share price, on any observation date for that quarter.
The notes will be called at par if the shares close at or above the initial share price on any quarterly observation date.
The payout at maturity will be par unless the stock finishes below the 70% trigger level, in which case investors will be fully exposed to any losses.
J.P. Morgan Securities LLC and UBS Financial Services Inc. are the agents.
| Issuer: | JPMorgan Chase & Co.
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| Issue: | Trigger phoenix autocallable optimization securities
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| Underlying stock: | Community Health Systems, Inc. (Symbol: CYH)
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| Amount: | $3,289,100
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| Maturity: | May 31, 2016
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| Coupon: | 11%, payable quarterly if stock closes at or above barrier price on observation date for that quarter
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| Price: | Par of $10
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| Payout at maturity: | Par plus contingent coupon if Community Health shares finish at or above trigger price; otherwise, par plus stock return
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| Call: | At par plus contingent coupon if Community Health shares close at or above initial price on a quarterly observation date
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| Initial share price: | $47.71
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| Barrier/trigger price: | $33.40, 70% of initial price
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| Pricing date: | Nov. 25
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| Settlement date: | Nov. 28
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| Underwriters: | UBS Financial Services Inc. and J.P. Morgan Securities LLC
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| Fees: | 1.5%
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| Cusip: | 48127P689
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