By Marisa Wong
Morgantown, W.Va., Aug. 17 – JPMorgan Chase Financial Co. LLC priced $1.23 million of autocallable contingent interest notes due Nov. 20, 2017 linked to the common stock of Apple Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by JPMorgan Chase & Co.
If Apple stock closes at or above the trigger price – 70% of the initial share price – on a quarterly review date, the issuer will pay a contingent coupon for that quarter at the rate of 7% per year. Otherwise, no coupon will be paid that quarter.
If the shares close at or above the initial price on any quarterly review date other than the first and final dates, the notes will be called at par plus the contingent coupon.
The payout at maturity will be par plus the contingent coupon, unless the stock finishes below its initial price and closes below the trigger price on any day during the life of the notes, in which case investors will be exposed to the share price decline from the initial price.
J.P. Morgan Securities LLC is the underwriter.
| Issuer: | JPMorgan Chase Financial Co. LLC
|
| Guarantor: | JPMorgan Chase & Co.
|
| Issue: | Autocallable contingent interest notes
|
| Underlying stock: | Apple Inc. (Nasdaq: AAPL)
|
| Amount: | $1.23 million
|
| Maturity: | Nov. 20, 2017
|
| Coupon: | 7%, payable quarterly if stock closes at or above trigger price on review date for that quarter
|
| Price: | Par of $1,000
|
| Payout at maturity: | Par plus contingent coupon unless Apple shares ever close below trigger price and finish below initial price, in which case par plus stock return
|
| Call: | Automatically at par plus contingent coupon if Apple shares close at or above initial price on any quarterly review date other than first and final dates
|
| Initial share price: | $109.48
|
| Trigger price: | $76.636, 70% of initial price
|
| Pricing date: | Aug. 15
|
| Settlement date: | Aug. 18
|
| Underwriters: | J.P. Morgan Securities LLC
|
| Fees: | 1.5%
|
| Cusip: | 46646ETM4
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
