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JPMorgan plans 11% autocallable reverse exchangeables on VeriFone
By Susanna Moon
Chicago, April 29 - JPMorgan Chase & Co. plans to price 11% autocallable single observation reverse exchangeable notes due May 15, 2014 linked to VeriFone Systems, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly.
The notes will be called at par if VeriFone stock closes at or above its initial share price on any quarterly review date.
The payout at maturity will be par unless the final share price of VeriFone is less than 65% of its initial share price, in which case the payout will be equal to $1,000 divided by the initial share price.
J.P. Morgan Securities LLC is the agent.
The notes will price on May 10 and settle on May 15.
The Cusip number is 48126D3A5.
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