Published on 5/28/2014 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $180,000 more 13.75% reverse exchangeables linked to SunPower
By Susanna Moon
Chicago, May 28 - JPMorgan Chase & Co. priced another $180,000 of 13.75% reverse exchangeable notes due July 31, 2014 linked to SunPower Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
This brings the total deal size to $1.18 million.
The payout at maturity will be par in cash unless SunPower shares fall below the protection price of $23.282, 70% of the initial price of $33.26, during the life of the notes and finish below the initial price in which case the payout will be 30.0661 shares of SunPower stock.
JPMorgan is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Reverse exchangeable notes
|
| Underlying stock: | SunPower Corp. (Symbol: SPWR)
|
| Amount: | $1.18 million, up from $1 million
|
| Maturity: | July 31, 2014
|
| Coupon: | 13.75%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par in cash unless SunPower shares fall below the protection price of $23.282, 70% of the initial price, and finish below the initial price, in which case 30.0661 shares of SunPower stock
|
| Initial price: | $33.26
|
| Protection price: | $23.282, 70% of $33.26
|
| Exchange ratio: | 30.0661
|
| Pricing date: | April 28 for $1 million; May 23 for $180,000
|
| Settlement date: | April 30 for $1 million; May 29 for $180,000
|
| Agent: | JPMorgan
|
| Fees: | 1.5%
|
| Cusip: | 48127DGE2
|
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