New Issue: JPMorgan prices $875,000 9% autocall reverse exchangeables on Valeant

By Susanna Moon

Chicago, Aug. 7 – JPMorgan Chase & Co. priced $875,000 of 9% upside autocallable reverse exchangeable notes due Nov. 10, 2015 linked to Valeant Pharmaceuticals International, 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 Valeant stock closes at or above the initial share price on either of two quarterly call dates.

The payout at maturity will be par in cash, unless Valeant stock ever closes down by more than 20% 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.

J.P. Morgan Securities LLC is the agent.

Issuer:	JPMorgan Chase & Co.
Issue:	Upside autocallable reverse exhangeable notes
Underlying stock:	Valeant Pharmaceuticals International, Inc. (Symbol: VRX)
Amount:	$875,000
Maturity:	Nov. 10, 2015
Coupon:	9%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Valeant shares ever closes down by more than 20% during the life of the notes and finish below the initial price, in which case 9.0367 Valeant shares
Initial level:	$110.66
Buffer amount:	$33.198, 30% of initial share price
Call:	At par plus accrued interest on Feb. 5, 2015 or May 5, 2015 and Aug. 5, 2015 if closing price is equal to or greater than initial price
Pricing date:	Aug. 5
Settlement date:	Aug. 8
Agent:	J.P. Morgan Securities LLC
Fees:	1.5%
Cusip:	48127DVK1

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