By Jennifer Chiou
New York, Feb. 24 - JPMorgan Chase & Co. priced $1 million of autocallable contingent interest notes due Feb. 24, 2015 linked to the lesser performing of Whole Foods Market, Inc. stock and the Fresh Market, Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.
If each stock closes at or above the trigger level, 65% of the initial share price, on a quarterly review date, the notes will pay a coupon at an annual rate of 12.5% for that quarter.
If each stock closes at or above the initial share price on any review date other than the final review date, the notes will be called at par plus the coupon.
If the notes have not been called and either of the stocks finishes below its trigger level, the payout at maturity will be a number of shares of the least-performing stock equal to $1,000 divided by the initial stock price or, at the issuer's option, the cash value of those shares.
Otherwise, investors will receive par plus the coupon.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Autocallable contingent interest notes
|
| Underlying stocks: | Whole Foods Market, Inc. (Symbol: WFM), The Fresh Market, Inc. (Symbol: TFM)
|
| Amount: | $1 million
|
| Maturity: | Feb. 24, 2015
|
| Coupon: | 3.125% (equivalent to 12.5% per year) payable quarterly if each stock closes at or above trigger level on review date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par plus contingent coupon unless either stock finishes below its trigger level, in which case the physical delivery amount of shares of the least-performing stock or, at the issuer's option, the cash value of those shares
|
| Call: | Automatically at par plus contingent coupon if each stock closes at or above initial share price on any quarterly review date other than final review date
|
| Initial share prices: | $52.31 for Whole Foods, $34.37 for Fresh Market
|
| Trigger levels: | $34.0015 for Whole Foods, $22.3405 for Fresh Market, 65% of initial share prices
|
| Pricing date: | Feb. 20
|
| Settlement date: | Feb. 24
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 1%
|
| Cusip: | 48126N4W4
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
