By Toni Weeks
San Luis Obispo, Calif., Dec. 17 – JPMorgan Chase & Co. priced $1.21 million of autocallable contingent interest notes due March 18, 2016 linked to Apple Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 8.5% if the stock closes at or above the trigger level, 75% of the initial share price, on the review date for that quarter.
The notes will be called at par plus the contingent coupon if the stock closes at or above the initial share price on any quarterly review date other than the first and final review dates.
A trigger event occurs if the stock price closes below the trigger price on any trading day.
If the notes have not been called and the stock finishes at or above the initial price or a trigger event has not occurred, the payout at maturity will be par plus the contingent coupon.
If the final stock price is less than the initial price and a trigger event has occurred, investors will receive a number of shares of Apple stock equal to $1,000 divided by the initial stock price or, at the issuer’s option, the cash value of those shares.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Autocallable contingent interest notes
|
| Underlying stock: | Apple Inc. (Symbol: AAPL)
|
| Amount: | $1,206,000
|
| Maturity: | March 18, 2016
|
| Coupon: | 8.5%, payable if the stock closes at or above trigger level on quarterly review date
|
| Price: | Par
|
| Payout at maturity: | If stock finishes at or above initial price or trigger event has not occurred, par plus contingent coupon; if final price is less than initial price and trigger event has occurred, 9.24 Apple shares or, at JPMorgan’s option, cash value of those shares
|
| Call: | At par plus contingent coupon if stock closes at or above initial share price on any quarterly review date other than first and final review dates
|
| Trigger event: | Occurs if the stock price closes below the trigger price on any trading day
|
| Initial level: | $108.225
|
| Trigger price: | $81.16875, 75% of initial share price
|
| Pricing date: | Dec. 15
|
| Settlement date: | Dec. 18
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 1.5%
|
| Cusip: | 48127D2G2
|
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