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JPMorgan plans 10.5%-12.5% upside autocallable reverse exchangeables linked to VeriFone
By Marisa Wong
Madison, Wis., June 5 - JPMorgan Chase & Co. plans to price 10.5% to 12.5% upside autocallable reverse exchangeable notes due June 19, 2014 linked to the common stock of VeriFone Systems, Inc., according to an FWP filing with the Securities and Exchange Commission.
Interest is payable monthly, with the exact amount to be set at pricing.
The notes will be called at par plus accrued interest if VeriFone 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 VeriFone stock ever closes below the initial price by more than 40%, in which case investors will receive a number of VeriFone 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.
The notes will price on June 14 and settle on June 19.
The Cusip number is 48126NED5.
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