By Marisa Wong
Madison, Wis., May 2 - JPMorgan Chase & Co. priced $46.92 million of contingent income autocallable securities due May 2, 2013 linked to General Electric Co. shares, according to a 424B2 filing with the Securities and Exchange Commission.
If General Electric stock closes at or above the 80% downside threshold level on a quarterly determination date, the contingent payment will be 2.1675% of par.
If the stock closes at or above the initial share price on any of the first three quarterly determination dates, the notes will be redeemed at par plus the contingent payment.
If the notes are not called and the stock finishes at or above the downside threshold level, the payout at maturity will be par plus the contingent payment.
Otherwise, the payout will be a number of General Electric shares equal to $10.00 divided by the initial share price or, at the issuer's option, the cash equivalent.
JPMorgan Securities LLC is the underwriter, and Morgan Stanley Smith Barney LLC will handle distribution.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Contingent income autocallable securities
|
| Underlying stock: | General Electric Co. (NYSE: GE)
|
| Amount: | $46,917,770
|
| Maturity: | May 2, 2013
|
| Coupon: | Quarterly payment of $0.2168 per note if closing share price is at or above downside threshold level on quarterly determination date; otherwise, no contingent payment
|
| Price: | Par of $10.00
|
| Payout at maturity: | If stock finishes at or above downside threshold level, par plus contingent payment; otherwise, a number of General Electric shares equal to $10.00 divided by initial share price or cash equivalent
|
| Call: | At par plus contingent payment if stock closes at or above initial price on any July 30, Oct. 30 or Jan. 30, 2013
|
| Initial price: | $19.58
|
| Downside threshold level: | $15.664
|
| Exchange ratio: | 0.51073
|
| Pricing date: | April 30
|
| Settlement date: | May 3
|
| Agent: | JPMorgan Securities LLC
|
| Distribution: | Morgan Stanley Smith Barney LLC
|
| Fees: | 1.5%
|
| Cusip: | 46637G769
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
