New Issue: JPMorgan prices $663,000 8.25% upside autocallable reverse exchangeables on VMWare

By Jennifer Chiou

New York, June 18 – JPMorgan Chase & Co. priced $663,000 of 8.25% upside autocallable reverse exchangeable notes due June 18, 2015 linked to the class A common stock of VMWare, Inc., according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

The notes will be called at par plus accrued interest if VMWare stock closes at or above the initial share price on any of two quarterly call dates.

If the notes are not called, the payout at maturity will be par in cash, unless VMWare stock ever closes below the initial price by more than 25% and finishes below the initial share price, in which case investors will receive a number of VMWare 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.

Issuer:	JPMorgan Chase & Co.
Issue:	Upside autocallable reverse exhangeable notes
Underlying stock:	VMWare, Inc. (Symbol: VMW)
Amount:	$663,000
Maturity:	June 18, 2015
Coupon:	8.25%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless VMWare shares fall below 75% of the initial price during the life of the notes and finish below the initial price, in which case 10.5208 VMWare shares
Initial price:	$95.05
Buffer amount:	$23.7625, 25% of initial share price
Call:	At par plus accrued interest on Dec. 15, 2014 or March 13, 2015 if closing price is equal to or greater than initial price
Pricing date:	June 13
Settlement date:	June 18
Agent:	J.P. Morgan Securities LLC
Fees:	1.5%
Cusip:	48127DLM8

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