By Angela McDaniels
Tacoma, Wash., July 14 – JPMorgan Chase & Co. priced $5.74 million of autocallable contingent interest notes due Oct. 18, 2016 linked to the least performing of the common stocks of EMC Corp., Coach, Inc. and Microsoft Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a coupon at the rate of 8.75% per year if each stock closes at or above its trigger value, 60% of its initial share price, on the review date for that quarter.
The notes will be automatically called at par plus the coupon if each stock closes at or above its initial share price on any quarterly review date other than the final review date.
If the notes have not been called, the payout at maturity will be par plus the contingent coupon unless any stock finishes below its trigger value, in which case investors will receive a number of shares of the least-performing stock equal to $1,000 divided by its 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 stocks: | EMC Corp. (Symbol: EMC), Coach, Inc. (Symbol: COH) and Microsoft Corp. (Symbol: MSFT)
|
| Amount: | $5.74 million
|
| Maturity: | Oct. 18, 2016
|
| Coupon: | Each quarter, notes pay coupon at rate of 8.75% per year if each stock closes at or above trigger value on review date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par plus contingent coupon unless any stock finishes below trigger value, in which case number of shares of least-performing stock equal to $1,000 divided by initial share price or, at the issuer’s option, amount in cash equal to value of those shares
|
| Call: | Automatically at par plus coupon if each stock closes at or above initial share price on any quarterly review date
|
| Initial share prices: | $25.79 for EMC, $33.38 for Coach and $44.61 for Microsoft
|
| Trigger values: | $15.474 for EMC, $20.028 for Coach and $26.766 for Microsoft, 60% of initial share prices
|
| Pricing date: | July 10
|
| Settlement date: | July 17
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 2.75%
|
| Cusip: | 46625HML1
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
