Published on 8/12/2014 in the Prospect News Structured Products Daily.
New Issue: JPMorgan sells $1.35 million 9.25% autocall reverse exchangeables on Restoration Hardware
By Susanna Moon
Chicago, Aug. 12 – JPMorgan Chase & Co. priced $1.35 million of 9.25% upside autocallable reverse exchangeable notes due Nov. 13, 2015 linked to Restoration Hardware Holdings, 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 Restoration Hardware 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 Restoration Hardware stock ever closes below the 60% trigger level during the life of the notes and finishes below the initial share price, in which case investors will receive a number of Restoration Hardware 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.
| Issuer: | JPMorgan Chase & Co.
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| Issue: | Upside autocallable reverse exhangeable notes
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| Underlying stock: | Restoration Hardware Holdings, Inc. (Symbol: RH)
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| Amount: | $1,347,000
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| Maturity: | Nov. 13, 2015
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| Coupon: | 9.25%, payable monthly
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| Price: | Par
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| Payout at maturity: | Par in cash unless Restoration Hardware shares ever dips below trigger level and finish below the initial price, in which case 11.9832 Restoration Hardware shares
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| Initial price: | $83.45
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| Buffer amount: | $33.38, 40% of initial share price
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| Call: | At par plus accrued interest if stock closes at or above initial price on Feb. 9, 2015 or May 8, 2015 or Aug. 10, 2015
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| Pricing date: | Aug. 8
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| Settlement date: | Aug. 13
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 1.5%
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| Cusip: | 48127DWH7
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