New Issue: JPMorgan prices $250,000 15.55% reverse exchangeables linked to Cliffs

By Angela McDaniels

Tacoma, Wash., Oct. 11 - JPMorgan Chase & Co. priced $250,000 of reverse exchangeable notes due Jan. 14, 2014 linked to the common stock of Cliffs Natural Resources Inc., according to a 424B2 filing with the Securities and Exchange Commission.

The three-month notes carry a coupon of 15.55% per year. Interest is payable monthly.

The payout at maturity will be par in cash unless Cliffs shares fall by more than 40% during the life of the notes and finish below the initial price, in which case the payout will be a number of shares of Cliffs stock equal to $1,000 divided by the initial share price.

J.P. Morgan Securities LLC is the agent.

Issuer:	JPMorgan Chase & Co.
Issue:	Reverse exchangeable notes
Underlying stock:	Cliffs Natural Resources Inc. (Symbol: CLF)
Amount:	$250,000
Maturity:	Jan. 14, 2014
Coupon:	15.55%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Cliffs shares fall by more than buffer amount during life of notes and finish below initial price, in which case 49.776 Cliffs shares
Initial share price:	$20.09
Buffer amount:	$8.036, 40% of initial share price
Pricing date:	Oct. 9
Settlement date:	Oct. 15
Agent:	J.P. Morgan Securities LLC
Fees:	None
Cusip:	48126NVK0

© 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.