By Susanna Moon
Chicago, June 11 – JPMorgan Chase & Co. priced $8.62 million of contingent income autocallable securities due June 11, 2015 linked to Applied Materials Inc. shares, according to an FWP filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon of 2.7125% if Applied Materials stock closes at or above the 75% barrier level on the determination date for that quarter.
The notes will be called at par plus the contingent coupon if the stock close at or above its level on any quarterly determination date other than the final date.
If the notes are not called and Applied Materials stock finishes at or above the 75% trigger level, the payout at maturity will be par plus the contingent payment.
Otherwise, investors will receive a number of shares of Applied Materials stock equal to $10 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 with Morgan Stanley Smith Barney LLC as dealer.
| Issuer: | JPMorgan Chase & Co.
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| Issue: | Contingent income autocallable securities
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| Underlying stock: | Applied Materials Inc. (Symbol: AMAT)
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| Amount: | $8,624,500
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| Maturity: | June 11, 2015
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| Contingent coupon: | 2.7125% per quarter, payable if Applied Materials stock closes at or above barrier level on determination date for that quarter
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| Price: | Par of $10.00
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| Payout at maturity: | If stock finishes at or above downside threshold level, par plus contingent payment; otherwise, 0.4583 Applied Materials shares
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| Call: | At par plus contingent payment if stock closes at or above applicable redemption threshold level on any quarterly determination date other than final one
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| Initial share price: | $21.82
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| Downside threshold level: $16.365, 75% of initial share price
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| Pricing date: | June 6
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| Settlement date: | June 11
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| Agent: | J.P. Morgan Securities LLC with Morgan Stanley Smith Barney LLC handling distribution
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| Fees: | 1.5%
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| Cusip: | 48127F194
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