By Jennifer Chiou
New York, March 10 – JPMorgan Chase & Co. priced $2 million of 11.1% upside autocallable reverse exchangeable notes due March 10, 2016 linked to Splunk Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be called at par plus accrued interest if Splunk stock closes at or above the initial share price on any monthly call date beginning on Sept. 8, 2015.
The payout at maturity will be par in cash unless Splunk stock ever closes below the initial price by more than 50% and finishes below the initial share price, in which case investors will receive a number of Splunk shares equal to $1,000 divided by the initial share price or, at JPMorgan’s option, the cash equivalent.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
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| Issue: | Upside autocallable reverse exhangeable notes
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| Underlying stock: | Splunk Inc. (Symbol: SPLK)
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| Amount: | $2 million
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| Maturity: | March 10, 2016
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| Coupon: | 11.1%, payable monthly
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| Price: | Par
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| Payout at maturity: | Par in cash unless Splunk shares fall below buffer level during the life of the notes and finish below the initial price, in which case 15.4679 Splunk shares
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| Initial price: | $64.65
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| Buffer amount: | $32.325, 50% of initial share price
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| Call: | At par plus accrued interest if stock closes at or above initial price on any monthly call date beginning on Sept. 8, 2015
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| Pricing date: | March 6
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| Settlement date: | March 11
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 1.5%
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| Cusip: | 48125UJA1
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