JPMorgan plans autocallable reverse exchangeable notes on Gilead

By Jennifer Chiou

New York, Feb. 24 – JPMorgan Chase & Co. plans to price autocallable reverse exchangeable notes due March 3, 2016 linked to Gilead Sciences, Inc. shares, according to an FWP with the Securities and Exchange Commission.

The coupon will be 8% to 10%, payable monthly. The exact rate will be set at pricing.

The notes will be called at par if Gilead stock closes at or above the initial share price on Aug. 27 or Nov. 27, 2015.

If the notes are not called, the payout at maturity will be par unless Gilead stock closes below the trigger level, 70% of the initial level, during the life of the notes and finishes below the initial price, in which case the payout will be a number of Gilead shares equal to $1,000 divided by the initial share price.

The notes (Cusip: 48125UFW7) will price on Feb. 27 and settle on March 4.

J.P. Morgan Securities LLC is the agent.

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