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JPMorgan plans 8.5%-10.5% callable reverse exchangeables tied to Ford
By Susanna Moon
Chicago, Feb. 19 – JPMorgan Chase & Co. plans to price 8.5% to 10.5% callable reverse exchangeable notes due March 20, 2017 linked to Ford Motor Co. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly, with the exact coupon to be set at pricing.
The notes are callable at par plus accrued interest on Sept. 19 or Dec. 19, 2016.
The payout at maturity will be par unless Ford shares ever close below the trigger level, 70% of the initial share price, during the life of the notes and finish below the initial share price, in which case investors will receive a number of Ford 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 March 11 and settle on March 16.
The Cusip number is 46625HQF0.
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