By Jennifer Chiou
New York, April 15 - JPMorgan Chase & Co. priced $7,155,920 of contingent income autocallable securities due April 17, 2017 linked to Mylan Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
If Mylan stock closes at or above the 70% downside threshold level on a quarterly review date, the notes will pay a contingent payment of 2.5% for that quarter.
If the stock closes at or above the initial level on any determination date other than the final determination date, the notes will be redeemed at par of $10 plus the contingent payment.
If the notes are not called, the payout at maturity will be par plus the contingent payment unless the stock finishes below the downside threshold level, in which case the payout will be a number of Mylan shares equal to $10 divided by the initial share price or, at the issuer's option, the cash equivalent.
J.P. Morgan Securities LLC is the underwriter with Morgan Stanley Smith Barney LLC as distributor.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Contingent income autocallable securities
|
| Underlying stock: | Mylan Inc. (Symbol: MYL)
|
| Amount: | $7,155,920
|
| Maturity: | April 17, 2017
|
| Coupon: | 2.5% per quarter if closing price is at least 70% of initial price on quarterly determination date; otherwise, none
|
| Price: | Par of $10
|
| Payout at maturity: | If final share price is at least 70% of initial price, par plus contingent payment; otherwise, 0.21872 Mylan shares
|
| Initial price: | $45.72
|
| Downside threshold: | $32.004, 70% of initial share price
|
| Call: | At par plus contingent coupon if stock closes at or above initial price on any determination date other than final determination date
|
| Pricing date: | April 11
|
| Settlement date: | April 16
|
| Agent: | J.P. Morgan Stanley Securities LLC with Morgan Stanley Smith Barney LLC as distributor
|
| Fees: | 2.25%
|
| Cusip: | 48127F830
|
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