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JPMorgan plans 6%-8% upside autocallable reverse exchangeables on Apple
By Susanna Moon
Chicago, Jan. 31 - JPMorgan Chase & Co. plans to price 6% to 8% upside autocallable reverse exchangeable notes due Feb. 12, 2015 linked to Apple Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be called at par plus accrued interest if Apple stock closes at or above the initial share price on any of three quarterly call dates.
The payout at maturity will be par in cash, unless Apple stock ever closes below the initial price by more than 25% and finishes below the initial share price, in which case investors will receive a number of Apple shares equal to $1,000 divided by the initial share price or, at JPMorgan's option, the cash equivalent.
J.P. Morgan Securities LLC is the agent.
The notes will price on Feb. 7 and settle on Feb. 12.
The Cusip number is 48126N2R7.
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