By Marisa Wong
Madison, Wis., Dec. 5 – JPMorgan Chase & Co. priced $30.42 million of contingent income autocallable securities due Dec. 1, 2017 linked to Apple Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly payment of 2.4375% if the stock closes at or above its 80% barrier level on the observation date for that quarter.
The notes will be called at par plus the contingent coupon if the stock closes at or above its initial level on any determination date other than the final date.
The payout at maturity will be par plus the final coupon unless the stock finishes below its 80% trigger level, in which case investors will receive a number of Apple shares equal to $10 divided by the initial share price or the cash value of those shares.
J.P. Morgan Securities LLC is the agent with Morgan Stanley Smith Barney LLC handling distribution.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Contingent income autocallable securities
|
| Underlying stock: | Apple Inc. (Symbol: AAPL)
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| Amount: | $30,418,660
|
| Maturity: | Dec. 1, 2017
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| Contingent coupon: | 2.4375% for each quarter that Apple stock closes at or above downside threshold level on determination date for that quarter
|
| Price: | Par
|
| Payout at maturity: | If stock finishes at or above downside threshold level, par plus contingent payment; otherwise, 0.08408 Apple shares or their cash value
|
| Call: | At par plus contingent payment if stock closes at or above initial level on any quarterly determination date other than final one
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| Initial share price: | $118.93
|
| Downside threshold: | $95.144, 80% of initial share price
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| Pricing date: | Nov. 28
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| Settlement date: | Dec. 3
|
| Agent: | J.P. Morgan Securities LLC with Morgan Stanley Smith Barney LLC handling distribution
|
| Fees: | 2.5%
|
| Cusip: | 48127P663
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