JPMorgan plans 7%-9% callable reverse exchangeables linked to Facebook

By Susanna Moon

Chicago, June 1 – JPMorgan Chase & Co. plans to price 7% to 9% callable reverse exchangeable notes due June 16, 2017 linked to the class A common stock of Facebook, Inc., according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be payable monthly, with the exact coupon to be set at pricing.

The notes are callable at par on Dec. 19, 2016 or March 17, 2017.

The payout at maturity will be par unless the stock falls and ever closes below the 65% trigger level 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, the cash equivalent.

J.P. Morgan Securities LLC is the agent.

The notes will price on June 10 and settle on June 15.

The Cusip number is 46625HRP7.

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