New Issue: JPMorgan prices $579,000 autocallable reverse exchangeables on VeriFone

By Marisa Wong

Madison, Wis., May 19 – JPMorgan Chase & Co. priced $579,000 of 8% autocallable reverse exchangeable notes due Aug. 18, 2016 linked to the common stock of VeriFone Systems, Inc., according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

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 or, at the issuer’s option, the cash value of those shares.

J.P. Morgan Securities LLC is the agent.

Issuer:	JPMorgan Chase & Co.
Issue:	Autocallable reverse exchangeable notes
Underlying stock:	VeriFone Systems, Inc. (Symbol: PAY)
Amount:	$579,000
Maturity:	Aug. 18, 2016
Coupon:	8%, payable monthly
Price:	Par
Payout at maturity:	Par unless final share price is less than initial price and stock closes below trigger price on any day during life of notes, in which case 26.8601 VeriFone shares
Call:	At par if stock closes at or above initial value on Nov. 16, 2015, Feb. 16, 2016 or May 16, 2016
Initial value:	$37.23
Trigger value:	$26.061, 70% of initial value
Pricing date:	May 15
Settlement date:	May 20
Agent:	J.P. Morgan Securities LLC
Fees:	1.65%
Cusip:	46625HKW9

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.