By Marisa Wong
Madison, Wis., July 8 – JPMorgan Chase & Co. priced $1.1 million of 7.5% autocallable reverse exchangeable notes due July 7, 2016 linked to Twitter, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable monthly.
The notes will be called at par if Twitter stock closes at or above the initial share price on Dec. 30 or March 30, 2016.
A trigger event occurs if the stock closes below the trigger price, 55% of the initial price, on any day during the life of the notes.
If the notes are not called and (i) the final price is greater than or equal to the initial price or (ii) a trigger event has not occurred, the payout at maturity will be par plus the final coupon. If the final price is less than the initial price and a trigger event has occurred, the payout will be a number of Twitter shares equal to $1,000 divided by the initial share 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.
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| Issue: | Autocallable reverse exchangeable notes
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| Underlying stock: | Twitter, Inc. (Symbol: TWTR)
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| Amount: | $1,101,000
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| Maturity: | July 7, 2016
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| Coupon: | 7.5%, payable monthly
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| Price: | Par
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| Payout at maturity: | Par unless final price is less than initial price and a trigger event has occurred, in which case 27.6091 Twitter shares or, at issuer’s option, cash value of those shares;
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| Trigger event: | Stock closes below trigger price on any day during life of notes
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| Call: | At par if Twitter stock closes at or above the initial share price on Dec. 30 or March 30, 2016
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| Initial share price: | $36.22
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| Trigger value: | $19.921, 55% of initial share price
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| Pricing date: | June 30
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| Settlement date: | July 6
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 1.5%
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| Cusip: | 46625HLZ1
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