By Wendy Van Sickle
Columbus, Ohio, Nov. 12 – JPMorgan Chase & Co. priced $389,000 of autocallable reverse exchangeable notes due Nov. 15, 2016 linked to the common stock of Facebook, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly at an annualized rate of 7.5%.
The notes will be called at par if Facebook stock closes at or above the initial share price on May 9, 2016 or Aug. 9, 2016.
If the notes are not called, the payout at maturity will be par unless the final share price is less than the initial share price and the stock closes below the trigger price, 70% of the initial share price, on any day during the life of the notes, in which case the payout will be 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.
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| Issue: | Autocallable reverse exchangeable notes
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| Underlying: | Facebook, Inc.
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| Amount: | $389,000
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| Maturity: | Nov. 15, 2016
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| Coupon: | 7.5%, payable quarterly
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| Price: | Par
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| Payout at maturity: | Par in cash unless stock finishes below barrier price, in which case number of shares equal to $1,000 divided by the initial price
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| Call: | At par plus accrued interest on any quarterly call date starting May 9, 2016 if stock closes at or above initial price
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| Initial level: | $106.49
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| Barrier level: | 70% of initial level
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| Pricing date: | Nov. 9
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| Settlement date: | Nov. 13
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 1.5%
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| Cusip: | 46625HNZ9
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