By Angela McDaniels
Tacoma, Wash., May 10 – JPMorgan Chase Financial Co. LLC priced $4.92 million of contingent income autocallable securities due Nov. 10, 2016 linked to the common stock of Freeport-McMoRan Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by JPMorgan Chase & Co.
If Freeport-McMoRan shares close at or above the downside threshold level, 50% of the initial share price, on a monthly determination date, the notes will pay a contingent payment that month at an annualized rate of 23.5%.
The notes will be called at par of $10 plus the contingent coupon if Freeport-McMoRan shares close at or above the initial share price on any monthly determination date other than the final determination date.
If the final share price is greater than or equal to the downside threshold level, the payout at maturity will be par plus the final contingent coupon. Otherwise, investors will lose 1% for every 1% that the final share price is less than the initial share price.
J.P. Morgan Securities LLC is the agent. Morgan Stanley Smith Barney LLC is handling distribution.
| Issuer: | JPMorgan Chase Financial Co. LLC
|
| Guarantor: | JPMorgan Chase & Co.
|
| Issue: | Contingent income autocallable securities
|
| Underlying stock: | Freeport-McMoRan Inc. (Symbol: FCX)
|
| Amount: | $4,923,330
|
| Maturity: | Nov. 10, 2016
|
| Coupon: | 23.5% per year, payable monthly if Freeport-McMoRan shares close at or above downside threshold level on determination date for that month
|
| Price: | Par of $10.00
|
| Payout at maturity: | If final share price is greater than or equal to downside threshold level, par plus final contingent coupon; otherwise, 1% loss for every 1% that final share price is less than initial share price
|
| Call: | At par plus contingent coupon if Freeport-McMoRan shares close at or above initial share price on any monthly determination date other than final determination date
|
| Initial share price: | $11.79
|
| Downside threshold: | $5.895, 50% of initial share price
|
| Pricing date: | May 6
|
| Settlement date: | May 11
|
| Agent: | J.P. Morgan Securities LLC
|
| Distribution: | Morgan Stanley Smith Barney LLC
|
| Fees: | 1.25%
|
| Cusip: | 46646W409
|
© 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.
