By Susanna Moon
Chicago, Aug. 5 – JPMorgan Chase & Co. priced $4.71 million of autocallable contingent interest notes due Nov. 3, 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 7.5% if Apple shares close 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 Apple shares close at or above the initial share price on any review date other than the first and final review dates.
The payout at maturity will be par plus the final contingent interest payment unless Apple stock closes below the trigger level on any day during the life of the notes and finishes below its initial level, in which case investors will receive a number of Apple shares equal to $1,000 divided by the initial share price or, at the issuer’s option, the cash equivalent.
J.P. Morgan Securities LLC is the agent.
Issuer: | JPMorgan Chase & Co.
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Issue: | Autocallable contingent interest notes
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Underlying stock: | Apple Inc. (Symbol: AAPL)
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Amount: | $4,711,000
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Maturity: | Nov. 3, 2016
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Coupon: | 7.5% annualized per quarter that Apple shares close at or above trigger level on review date for that quarter
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Price: | Par
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Payout at maturity: | Par plus final contingent interest payment unless stock falls and ever closes below trigger level, in which case 8.2440 Apple shares
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Call: | At par plus contingent coupon if Apple shares close at or above initial level on any review date other than first and final review dates
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Initial level: | $121.30
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Trigger level: | $90.975, 75% of initial share price
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Pricing date: | July 31
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Settlement date: | Aug. 5
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Agent: | J.P. Morgan Securities LLC
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Fees: | 1.65%
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Cusip: | 48127VAA6
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