JPMorgan plans upside autocallable reverse exchangeables tied to Apple

By Angela McDaniels

Tacoma, Wash., Sept. 13 - JPMorgan Chase & Co. plans to price upside autocallable reverse exchangeable notes due Sept. 30, 2014 linked to the common stock of Apple Inc., according to an FWP filing with the Securities and Exchange Commission.

The interest rate will be 7% to 9%, and interest will be payable monthly. The exact rate will be set at pricing.

The notes will be called at par if Apple stock closes at or above the initial share price on Dec. 26, 2013, March 26, 2014 or June 25, 2014.

If the notes are not called, the payout at maturity will be par in cash unless the final share price is less than the initial share price and the closing price of Apple stock is less than the initial share price by more than 25% on any day during the life of the notes, in which case investors will receive a number of Apple shares equal to $1,000 divided by the initial share price or, at the issuer's option, an amount in cash equal to the value of those shares.

J.P. Morgan Securities LLC is the agent.

The notes will price Sept. 25 and settle on Sept. 30.

The Cusip number is 48126NSJ7.

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