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JPMorgan plans 9.5%-11.5% autocall reverse exchangeables on Chesapeake
By Susanna Moon
Chicago, June 2 – JPMorgan Chase & Co. plans to price 9.5% to 11.5% autocallable reverse exchangeable notes due June 20, 2016 linked to Chesapeake Energy Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be called at par if Chesapeake stock closes at or above the initial level on any review date other than the final date.
The payout at maturity will be par unless Chesapeake stock ever closes below the 50% trigger level during the life of the notes and finishes below the initial level, in which case the payout will be a number of Chesapeake shares equal to $1,000 divided by the initial share price or, at the issuer’s option, the cash equivalent.
J.P. Morgan Securities LLC is the agent.
The notes will price on June 15 and settle on June 18.
The Cusip number is 46625HLR9.
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