By Toni Weeks
San Luis Obispo, Calif., June 19 – JPMorgan Chase & Co. priced $5.5 million of autocallable contingent interest notes due July 8, 2015 linked to the common stock of Weatherford International Ltd., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a coupon at an annual rate of 11% if Weatherford shares close at or above the interest barrier, 75% of the initial share price, on the review date for that quarter.
The notes will be called at par plus the contingent coupon if Weatherford shares close at or above the initial share price on any quarterly review date other than the final review date.
If the notes have not been called and the stock finishes at or above the trigger level, the payout at maturity will be par plus the contingent coupon. Otherwise, investors will be fully exposed to the stock's decline.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
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| Issue: | Autocallable contingent interest notes
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| Underlying stock: | Weatherford International Ltd. (Symbol: WFT)
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| Amount: | $5.5 million
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| Maturity: | July 8, 2015
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| Coupon: | 2.75% (equivalent to 11% per year) payable quarterly if Weatherford shares close at or above trigger level on review date for that quarter
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| Price: | Par
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| Payout at maturity: | Par plus contingent coupon unless Weatherford shares finish below trigger level, in which case investors share fully in losses
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| Call: | Automatically at par plus contingent coupon if Weatherford shares close at or above initial share price on Oct. 2, Jan. 2, 2015 or April 2, 2015
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| Initial share price: | $22.35
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| Interest barrier/trigger: | $16.7625, 75% of initial share price
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| Pricing date: | June 17
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| Settlement date: | June 20
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 1%
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| Cusip: | 48127DNA2
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