By Toni Weeks
San Luis Obispo, Calif., May 1 - JPMorgan Chase & Co. priced $2 million of autocallable contingent interest notes due May 20, 2015 linked to Sears Holding Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarter coupon at an annualized rate of 19.35% if Sears shares close at or above the 50% barrier level on a quarterly review date for that interest period.
The notes will be called at par plus the contingent coupon if Sears shares close at or above the initial share price on any quarterly review date other than the final review date.
The payout at maturity will be par plus the contingent coupon unless the final share price is less than the barrier level, in which case investors will be fully exposed to losses.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Autocallable contingent interest notes
|
| Underlying stock: | Sears Holding Corp. (Nasdaq: SHLD)
|
| Amount: | $2 million
|
| Maturity: | May 20, 2015
|
| Coupon: | 19.35% annualized for each quarter that Sears stock closes at or above barrier price on review date for that interest period
|
| Price: | Par
|
| Payout at maturity: | Par plus contingent coupon unless Sears shares finish below barrier price, in which case investors share fully in losses
|
| Call: | At par plus contingent coupon if Sears shares close at or above initial share price on any quarterly review date other than last one
|
| Initial share price: | $44.45
|
| Barrier price: | $22.225, 50% of initial share price
|
| Pricing date: | April 29
|
| Settlement date: | May 2
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 1%
|
| Cusip: | 48127DGV4
|
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