By Angela McDaniels
Tacoma, Wash., April 2 – JPMorgan Chase & Co. priced $1 million of 19.5% autocallable reverse exchangeable notes due April 12, 2016 linked to the class A common stock of Synageva BioPharma Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
Beginning Oct. 7, 2015, the notes will be called at par if Synageva stock closes at or above the strike value on any monthly review date. The strike value is the stock’s closing share price on April 7.
If the notes are not called, the payout at maturity will be par unless the final share price is less than the strike value and the stock closes below the trigger price, 50% of the strike value, on any day during the life of the notes, in which case the payout will be a number of Synageva shares equal to $1,000 divided by the strike value.
J.P. Morgan Securities LLC is the agent.
Issuer: | JPMorgan Chase & Co.
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Issue: | Autocallable reverse exchangeable notes
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Underlying stock: | Synageva BioPharma Corp. (Symbol: GEVA)
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Amount: | $1 million
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Maturity: | April 12, 2016
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Coupon: | 19.5%, payable monthly
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Price: | Par
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Payout at maturity: | Par unless final share price is less than strike value and stock closes below trigger price on any day during life of notes, in which case 10.7399 Synageva shares
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Call: | At par if stock closes at or above strike value on any monthly review date from Oct. 7, 2015 onward
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Strike value: | $93.11, closing share price on April 7
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Trigger value: | $46.555, 50% of strike value
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Pricing date: | April 8
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Settlement date: | April 13
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Agent: | J.P. Morgan Securities LLC
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Fees: | 2%
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Cusip: | 46625HKG4
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