By Toni Weeks
San Diego, July 8 - JPMorgan Chase & Co. priced $3 million of 9.24% annualized upside autocallable reverse exchangeable notes due Jan. 9, 2012 linked to Freeport-McMoRan Copper & Gold Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes are callable at par on monthly call dates beginning Aug. 3 if the closing price of Freeport-McMoRan stock is greater than the initial share price.
The payout at maturity will be par unless the final share price has fallen from the initial share price by more than 35%, in which case the payout will be a cash amount equal to 18.6846 Freeport-McMoRan shares per $1,000 principal amount of notes.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Upside autocallable reverse exchangeable notes
|
| Underlying stock: | Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX)
|
| Amount: | $3 million
|
| Maturity: | Jan. 9, 2012
|
| Coupon: | 9.24%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | If final share price is less than 65% of initial price, the cash value of the physical delivery amount; otherwise, par
|
| Physical delivery amount: | 18.6846 shares per $1,000 principal amount of notes; equal to $1,000 divided by initial share price
|
| Call: | At par on monthly call dates beginning Aug. 3 if the closing share price is greater than the initial share price
|
| Initial share price: | $53.52
|
| Protection amount: | $18.732, 35% of initial share price
|
| Pricing date: | July 6
|
| Settlement date: | July 8
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 0.5%
|
| Cusip: | 48125XYK6
|
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