JPMorgan plans 9%-11% autocallable reverse exchangeables on VeriFone

By Marisa Wong

Madison, Wis., Dec. 16 - JPMorgan Chase & Co. plans to price 9% to 11% upside autocallable single observation reverse exchangeable notes due Dec. 31, 2014 linked to the common stock of VeriFone Systems, Inc., according to an FWP with the Securities and Exchange Commission.

Interest is payable monthly.

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

The payout at maturity will be par in cash unless VeriFone stock finishes below the initial price by more than the 40% buffer amount, in which case investors will be exposed to the losses.

The notes (Cusip: 48126NP76) are expected to price on Dec. 20 and settle on Dec. 30.

J.P. Morgan Securities LLC is the agent.

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