By Wendy Van Sickle
Columbus, Ohio, April 6 – JPMorgan Chase Financial Co. LLC priced $12.39 million of contingent income callable securities due April 2, 2020 linked to the worst performing of the stocks of Kinder Morgan, Inc., Williams Cos. Inc. and Targa Resources Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by JPMorgan Chase & Co.
Each quarter, the notes pay a contingent coupon at an annual rate of 20% if each stock closes at or above its downside threshold level, 65% of its initial level, on each day during that quarter.
The notes are callable at par on any quarterly determination date other than the first and final ones.
If each stock finishes at or above its downside threshold level, the payout at maturity will be par plus the final contingent coupon. If the final level of any stock is less than its downside threshold level, investors will be fully exposed to the decline of the least-performing stock.
J.P. Morgan Securities LLC is the agent. Distribution is through Morgan Stanley Wealth Management.
| Issuer: | JPMorgan Chase Financial Co. LLC
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| Guarantor: | JPMorgan Chase & Co.
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| Issue: | Contingent income callable securities
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| Underlying stocks: | Kinder Morgan, Inc., Williams Cos. Inc. and Targa Resources Corp.
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| Amount: | $12,385,000
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| Maturity: | April 2, 2020
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| Coupon: | 20% per year, payable quarterly if each stock closes at or above downside threshold level on each day during that quarter
|
| Price: | Par
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| Payout at maturity: | If each stock finishes at or above downside threshold level, par plus final contingent coupon; if final level of any stock is less than downside threshold level, full exposure to decline of lowest-performing stock
|
| Call option: | At par on any quarterly determination date other than first and final ones
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| Initial levels: | $15.06 for Kinder Morgan, $24.86 for Williams and $44.00 for Targa
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| Downside thresholds: | $9.789 for Kinder Morgan, $16.159 for Williams and $38.60 for Targa; 65% of initial levels
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| Pricing date: | March 29
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| Settlement date: | April 5
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| Agent: | J.P. Morgan Securities LLC
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| Distribution: | Morgan Stanley Wealth Management
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| Fees: | 2%
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| Cusip: | 48129L371
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