By Susanna Moon
Chicago, Aug. 17 – JPMorgan Chase Financial Co. LLC priced $1 million of 9% annualized yield notes due Nov. 18, 2016 linked to Meritor, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by JPMorgan Chase & Co.
Interest is payable monthly. Investors will receive 2.25% of interest over the three-month term of the notes.
The payout at maturity will be par unless the stock closes below its trigger level, 58.96% of the strike value, on any day during the life of the notes and finishes below its strike value, in which case investors will lose 1% for every 1% that the final share price is less than the strike value.
The strike value, $10.94, was determined by the calculation agent and is higher than the closing price of Meritor stock on the pricing date, $10.90.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase Financial Co. LLC
|
| Guarantor: | JPMorgan Chase & Co.
|
| Issue: | Yield notes
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| Underlying stock: | Meritor, Inc. (Symbol: MTOR)
|
| Amount: | $1 million
|
| Maturity: | Nov. 18, 2016
|
| Coupon: | 9% per year, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par unless stock closes below trigger level during life of notes and finishes below strike value, in which case full exposure to stock’s decline from strike value
|
| Strike value: | $10.94
|
| Trigger level: | $6.45, 58.96% of strike value
|
| Pricing date: | Aug. 15
|
| Settlement date: | Aug. 18
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 1.25%
|
| Cusip: | 46646EVD1
|
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