By Angela McDaniels
Tacoma, Wash., Sept. 17 – JPMorgan Chase & Co. priced $2.88 million of autocallable contingent interest notes due Sept. 20, 2016 linked to the common stock of Apple Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at the rate of 9% per year if Apple shares close at or above the trigger level, 65% of the initial share price, on the review date for that quarter.
The notes will be automatically called at par plus the contingent coupon if Apple shares close at or above the initial share price on March 15, 2016 or June 15, 2016.
The payout at maturity will be par plus the final contingent interest payment unless the final share price is less than the trigger level, in which case investors will receive a number of Apple shares equal to $1,000 divided by the initial share price or, at the issuer’s option, an amount in cash equal to the value of those shares.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Autocallable contingent interest notes
|
| Underlying stock: | Apple Inc. (Symbol: AAPL)
|
| Amount: | $2,881,000
|
| Maturity: | Sept. 20, 2016
|
| Coupon: | Each quarter, notes pay contingent coupon at rate of 9% per year if Apple shares close at or above trigger level on review date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par plus final contingent interest payment unless final share price is less than trigger level, in which case 8.5999 Apple shares or equivalent amount in cash
|
| Call: | Automatically at par plus contingent coupon if Apple shares close at or above initial share price on March 15, 2016 or June 15, 2016
|
| Initial share price: | $116.28
|
| Trigger level: | $75.582, 65% of initial share price
|
| Pricing date: | Sept. 15
|
| Settlement date: | Sept. 18
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 1.5%
|
| Cusip: | 46625HNB2
|
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