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JPMorgan plans autocallable contingent interest notes tied to Valeant
By Susanna Moon
Chicago, May 21 - JPMorgan Chase & Co. plans to price autocallable contingent interest notes due June 11, 2014 linked to Valeant Pharmaceuticals International, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
If Valeant shares close at or above the 75% trigger level on a quarterly review date, the notes will pay a coupon at an annualized rate of 20.34% for that quarter.
If the shares close at or above the initial share price on any review date other than the final review date, the notes will be called at par plus the coupon.
If the notes have not been called and the stock finishes at or above the trigger level, the payout at maturity will be par plus the coupon.
Otherwise, investors will be fully exposed to losses.
J.P. Morgan Securities LLC is the agent.
The notes will price on May 24 and settle on May 30.
The Cusip number is 48126NBE6.
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