By Toni Weeks
San Diego, July 19 - JPMorgan Chase & Co. priced $294,000 of 9.25% upside autocallable reverse exchangeable notes due July 20, 2012 linked to Schlumberger NV shares, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes are callable at par on any quarterly call date beginning Oct. 17 if the closing price of Schlumberger stock is greater than the initial share price.
The payout at maturity will be par unless Schlumberger stock closes below the trigger price - 80% of the initial share price - during the life of the notes and the final share price is less than the initial share price, in which case the payout will be a number of shares of Schlumberger stock equal to $1,000 divided by the initial share price or, at the issuer's option, a cash amount equal to the value of those shares.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Upside autocallable reverse exchangeable notes
|
| Underlying stock: | Schlumberger NV (Symbol: SLB)
|
| Amount: | $294,000
|
| Maturity: | July 20, 2012
|
| Coupon: | 9.25%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | If stock closes below 80% of initial price during life of notes and final share price is less than initial share price, 11.3649 shares of Schlumberger stock; otherwise, par
|
| Initial share price: | $87.99
|
| Protection amount: | $17.598, 20% of initial share price
|
| Physical delivery amount: | 11.3649 shares per $1,000 principal amount of notes
|
| Call option: | At par on a quarterly call date beginning Oct. 17 if the closing share price is greater than the initial share price
|
| Pricing date: | July 15
|
| Settlement date: | July 20
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 3.8%
|
| Cusip: | 48125XXS0
|
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