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JPMorgan plans upside autocallable reverse exchangeables on VeriFone
By Marisa Wong
Madison, Wis., Sept. 10 - JPMorgan Chase & Co. plans to price upside autocallable reverse exchangeable notes due Sept. 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 quarterly. The exact rate will be set at pricing and will be between 11% and 13%.
The notes will be called at par on any quarterly review date if the stock closes at or above the initial share price.
If the notes are not called, the payout at maturity will be par in cash unless VeriFone shares close below the initial price by more than 40% on any day during the life of the notes and finish below the initial price, in which case investors will receive a number of VeriFone shares equal to $1,000 divided by the initial price.
J.P. Morgan Securities LLC is the agent.
The notes will price on Sept. 16 and settle on Sept. 19.
The Cusip number is 48126NRN9.
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