Published on 3/15/2013 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $839,000 5.75% reverse convertibles linked to VeriFone Systems
New York, March 15 - JPMorgan Chase & Co. priced $839,000 of 5.75% reverse convertible notes due June 17, 2013 linked to VeriFone Systems, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless VeriFone Systems shares fall below the protection price of $13.6565, 65% of the initial price of $21.01, during the life of the notes and finish below the initial price in which case the payout will be 47.5964 shares of VeriFone Systems stock.
JPMorgan is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Reverse convertible notes
|
| Underlying stock: | VeriFone Systems, Inc. (Symbol: PAY)
|
| Amount: | $839,000
|
| Maturity: | June 17, 2013
|
| Coupon: | 5.75%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par in cash unless VeriFone Systems shares fall below the protection price of $13.6565, 65% of the initial price, and finish below the initial price, in which case 47.5964 shares of VeriFone Systems stock
|
| Initial price: | $21.01
|
| Protection price: | $13.6565, 65% of $21.01
|
| Exchange ratio: | 47.5964
|
| Pricing date: | March 13
|
| Settlement date: | March 18
|
| Agent: | JPMorgan
|
| Cusip: | 48126DYR4
|
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