By Angela McDaniels
Tacoma, Wash., Sept. 23 - JPMorgan Chase & Co. priced $803,000 of upside auto callable reverse exchangeable notes due March 24, 2011 linked to the common stock of United States Steel Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The six-month notes pay 6.25% for an annualized coupon of 12.5%. Interest is payable monthly.
The notes will be called at par if United States Steel stock closes above the initial share price on Dec. 21.
The payout at maturity will be par unless United States Steel stock closes below 65% of the initial share price during the life of the notes and finishes below the initial share price, in which case the payout will be a number of United States Steel shares equal to $1,000 divided by the initial share price or, at JPMorgan's option, a cash amount equal to the value of those shares.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Upside auto callable reverse exchangeable notes
|
| Underlying stock: | United States Steel Corp. (NYSE: X)
|
| Amount: | $803,000
|
| Maturity: | March 24, 2011
|
| Coupon: | 12.5%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | If United States Steel stock closes below initial share price by more than protection amount during life of notes and final share price is less than initial share price, 22.2272 United States Steel shares or the cash value thereof; otherwise, par
|
| Call: | Automatically at par if United States Steel stock closes above initial share price on Dec. 21
|
| Initial share price: | $44.99
|
| Protection amount: | $15.7465, 35% of initial price
|
| Pricing date: | Sept. 21
|
| Settlement date: | Sept. 24
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 3.937%, including 2.5% for selling concessions
|
| Cusip: | 48124AJ24
|
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