JPMorgan plans 7.5%-9.5% autocallable reverse exchangeables on Valeant

By Toni Weeks

San Luis Obispo, Calif., July 31 – JPMorgan Chase & Co. plans to price 7.5% to 9.5% upside autocallable reverse exchangeable notes due Nov. 10, 2015 linked to the common stock of Valeant Pharmaceuticals International, Inc., according to an FWP filing with the Securities and Exchange Commission.

Interest is payable monthly.

The notes will be called at par plus accrued interest if Valeant stock closes at or above the initial share price on any of three quarterly call dates.

The payout at maturity will be par in cash, unless Valeant stock ever closes below the initial price by more than 30% and finishes below the initial share price, in which case investors will receive a number of Valeant shares equal to $1,000 divided by the initial share price or, at JPMorgan’s option, the cash equivalent.

The notes (Cusip: 48127DVK1) are expected to price Aug. 5 and settle Aug. 8.

J.P. Morgan Securities LLC is the agent.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.