By Jennifer Chiou
New York, July 1 – JPMorgan Chase & Co. priced $4,265,130 of trigger phoenix autocallable optimization securities due Dec. 31, 2015 linked to First Solar, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 11.1% if First Solar stock closes at or above the trigger level – 54.5% of the initial share price – on an observation date for that quarter.
The notes will be called at par plus the contingent coupon if the shares close at or above the initial price on a quarterly observation date.
The payout at maturity will be par plus the contingent coupon unless First Solar stock finishes below the trigger level, in which case investors will be fully exposed to any losses.
UBS Financial Services Inc. and J.P. Morgan Securities LLC are the underwriters.
| Issuer: | JPMorgan Chase & Co.
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| Issue: | Trigger phoenix autocallable optimization securities
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| Underlying stock: | First Solar, Inc. (Symbol: FSLR)
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| Amount: | $4,265,130
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| Maturity: | Dec. 31, 2015
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| Coupon: | 11.1%, payable quarterly if stock closes at or above trigger price on observation date for that quarter
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| Price: | Par of $10
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| Payout at maturity: | Par plus contingent coupon if First Solar shares finish at or above trigger price; otherwise, par plus stock return
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| Call: | At par plus contingent coupon if First Solar shares close at or above initial price on a quarterly observation date
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| Initial share price: | $71.47
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| Trigger price: | $38.95, 54.5% of initial price
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| Pricing date: | June 26
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| Settlement date: | June 30
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| Underwriters: | UBS Financial Services Inc. and J.P. Morgan Securities LLC
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| Fees: | 1.5%
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| Cusip: | 481246841
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