By Angela McDaniels
Tacoma, Wash., Jan. 20 - JPMorgan Chase & Co. priced $870,000 of 11% upside autocallable single observation reverse exchangeable notes due Jan. 20, 2012 linked to the common stock of Freeport-McMoRan Copper & Gold Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be called at par if Freeport-McMoRan stock closes at or above the initial share price on April 18, July 18, Oct. 18, 2011 or Jan. 17, 2012.
The payout at maturity will be par unless the final share price is less than 70% of the initial share price, in which case the payout will be a number of Freeport-McMoRan shares equal to $1,000 divided by the initial share price or, at JPMorgan's option, a cash amount equal to the value of those shares.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Upside autocallable single observation reverse exchangeable notes
|
| Underlying stock: | Freeport-McMoRan Copper & Gold Inc. (Symbol: FCX)
|
| Amount: | $870,000
|
| Maturity: | Jan. 20, 2012
|
| Coupon: | 11%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | If final share price is less than 70% of initial share price, number of Freeport-McMoRan shares equal to $1,000 divided by initial share price or equivalent in cash; otherwise, par
|
| Initial share price: | $118.60
|
| Pricing date: | Jan. 18
|
| Settlement date: | Jan. 21
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 2.9%, including 2.2% for selling concessions
|
| Cusip: | 48124A6U6
|
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