By Angela McDaniels
Tacoma, Wash., May 27 – JPMorgan Chase & Co. priced $377,000 of autocallable contingent interest notes due Aug. 25, 2016 linked to the common stock of Facebook Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at an annual rate of 7% if Facebook shares close at or above the trigger level, 70% of the initial share price, on the review date for that quarter.
Beginning Nov. 23, the notes will be automatically called at par plus the contingent coupon if Facebook shares close at or above the initial share price on any review date other than the final review date.
The payout at maturity will be par plus the final contingent interest payment unless the final share price is less than the initial share price and Facebook stock closes below the trigger value on any day during the life of the notes, in which case investors will receive a number of Facebook shares equal to $1,000 divided by the 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 stock: | Facebook Inc. (Symbol: FB)
|
| Amount: | $377,000
|
| Maturity: | Aug. 25, 2016
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| Coupon: | Each quarter, notes pay contingent coupon at annual rate of 7% if Facebook shares close at or above trigger level on review date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par plus final contingent interest payment unless final share price is less than initial share price and Facebook stock closes below trigger value on any day during life of notes, in which case 12.4162 Facebook shares or, at issuer’s option, amount in cash equal to value of those shares
|
| Call: | Beginning Nov. 23, automatically at par plus contingent coupon if Facebook shares close at or above initial share price on any review date other than final review date
|
| Initial share price: | $80.54
|
| Trigger level: | $56.378, 70% of initial share price
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| Pricing date: | May 22
|
| Settlement date: | May 28
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 1.65%
|
| Cusip: | 46625HLC2
|
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