By Abigail W. Adams
Portland, Me., Jan. 7 – J.P. Morgan Chase Bank, NA priced $500 million three-year cash-settled bonds exchangeable for Alibaba Group Holding Ltd. shares after the market close on Wednesday with a fixed coupon of 0.125% and an offer price of 109.5.
Price talk was for a fixed coupon of 0.125%, a fixed exchange premium of 20% and an offer price of 109.5, according to a market source.
J.P. Morgan Securities LLC is the bookrunner for the Rule 144A offering, which carries a greenshoe of $50 million.
The bonds are non-callable and have no put features. There is dividend and takeover protection.
JPMorgan is a New York-based multinational investment bank.
Alibaba is a Hangzhou, China-based multinational e-commerce holding company.
| Issuer: | J.P. Morgan Chase Bank, NA
|
| Securities: | Cash-settled bonds exchangeable for Alibaba Group Holding Ltd. shares
|
| Amount: | $500 million
|
| Greenshoe: | $50 million
|
| Maturity: | Jan. 1, 2023
|
| Bookrunner: | J.P. Morgan Securities LLC
|
| Coupon: | 0.125%
|
| Price: | 109.5
|
| Call options: | Non-callable
|
| Put options: | None
|
| Pricing date: | Jan. 8
|
| Distribution: | Rule 144A
|
| Talk: | Fixed coupon of 0.125%, a fixed exchange premium of 20% and an offer price of 109.5
|
| Stock symbol: | NYSE: BABA
|
| Stock price: | $218 at market close Jan. 9
|
| Market capitalization: | $593 billion
|
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