By Marisa Wong
Madison, Wis., July 8 – JPMorgan Chase & Co. priced $539,000 of 11.25% autocallable reverse exchangeable notes due July 7, 2016 linked to United States Steel 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 U.S. Steel stock closes at or above the initial share price on Dec. 30 or March 30, 2016.
A trigger event occurs if the stock closes below the trigger price, 55% of the initial price, on any day during the life of the notes.
If the notes are not called and (i) the final price is greater than or equal to the initial price or (ii) a trigger event has not occurred, the payout at maturity will be par plus the final coupon. If the final price is less than the initial price and a trigger event has occurred, the payout will be a number of U.S. Steel shares equal to $1,000 divided by the initial share price or, at the issuer’s option, the cash value of those shares.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Autocallable reverse exchangeable notes
|
| Underlying stock: | United States Steel Corp. (Symbol: X)
|
| Amount: | $539,000
|
| Maturity: | July 7, 2016
|
| Coupon: | 11.25%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par unless final price is less than initial price and a trigger event has occurred, in which case 48.4966 U.S. Steel shares or, at issuer’s option, cash value of those shares
|
| Trigger event: | Stock closes below trigger price on any day during life of notes
|
| Call: | At par if U.S. Steel stock closes at or above the initial share price on Dec. 30 or March 30, 2016
|
| Initial share price: | $20.62
|
| Trigger value: | $11.341, 55% of initial share price
|
| Pricing date: | June 30
|
| Settlement date: | July 6
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 1.5%
|
| Cusip: | 46625HMC1
|
|
|
© 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.
