By Susanna Moon
Chicago, March 4 - JPMorgan Chase & Co. priced $460,000 of 10% annualized upside autocallable reverse exchangeable notes due Sept. 7, 2011 linked to the common stock of Cummins Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be called at par if Cummins stock closes above the initial share price on June 2.
The payout at maturity will be par unless Cummins shares close below the initial price by more than 30% during the life of the notes and the final share price is less than the initial share price, in which case the payout will be a number of Cummins 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 autocallable reverse exchangeable notes
|
| Underlying stock: | Cummins Inc. (NYSE: CMI)
|
| Amount: | $460,000
|
| Maturity: | Sept. 7, 2011
|
| Coupon: | 10%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | If share price falls by more than 30% during life of notes and final share price is less than initial share price, 9.9701 Cummins shares per note or equivalent in cash; otherwise, par
|
| Call: | At par if Cummins stock closes above initial share price on June 2
|
| Initial share price: | $100.30
|
| Pricing date: | March 2
|
| Settlement date: | March 7
|
| Agent: | J.P. Morgan Securities, LLC
|
| Fees: | 3.27%, including 2.125% for selling concessions
|
| Cusip: | 48125XGU4
|
© 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.
