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JPMorgan plans autocallable reverse exchangeable notes linked to VeriFone
By Angela McDaniels
Tacoma, Wash., May 5 – JPMorgan Chase & Co. plans to price autocallable reverse exchangeable notes due Aug. 18, 2016 linked to the common stock of VeriFone Systems, Inc., according to an FWP filing with the Securities and Exchange Commission.
The coupon will be 8% to 10%, payable monthly. The exact rate will be set at pricing.
The notes will be called at par if VeriFone stock closes at or above the initial share price on Nov. 16, 2015, Feb. 16, 2016 or May 16, 2016.
If the notes are not called, the payout at maturity will be par unless VeriFone stock closes below the trigger level, 70% of the initial share price, during the life of the notes and finishes below the initial price, in which case the payout will be a number of VeriFone shares equal to $1,000 divided by the initial share price.
J.P. Morgan Securities LLC is the agent.
The notes will price on May 15 and settle May 20.
The Cusip number is 46625HKW9.
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