By Wendy Van Sickle
Columbus, Ohio, April 27 – JPMorgan Chase & Co. priced $1.52 million of callable reverse exchangeable notes due May 1, 2017 linked to the common stock of United Continental Holdings, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly at an annual rate of 10.5%.
The notes are callable at par plus accrued interest on any quarterly call date after six months.
The payout at maturity will be par unless the stock ever closes below the trigger level, 70% of the initial price, during the life of the notes and finishes below the initial price, in which case investors will receive a number of United Continental 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.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Callable reverse exchangeable notes
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| Underlying stock: | United Continental Holdings, Inc. (Symbol: UAL)
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| Amount: | $1.52 million
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| Maturity: | May 1, 2017
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| Coupon: | 10.5%, payable monthly
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| Price: | Par
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| Payout at maturity: | Par unless stock falls and closes below trigger level on any day during life of notes, in which case 20.2552 United shares
|
| Call option: | At par plus accrued interest on any quarterly call date after six months
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| Initial level: | $49.37
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| Trigger level: | $34.559, 70% of initial level
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| Pricing date: | April 25
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| Settlement date: | April 28
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 1.5%
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| Cusip: | 46625HRE2
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