By Kiku Steinfeld
Chicago, Feb. 24 – JPMorgan Chase Financial Co. LLC priced $657,000 of autocallable contingent interest notes due May 10, 2021 linked to the common stock of Biogen Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at the rate of 9.55% per year if the stock closes at or above the trigger value, 61% of its initial share price, on the review date for that quarter.
After six months, the notes will be automatically called at par if Biogen stock closes at or above its initial share price on any review date other than the first and final review dates.
If the notes have not been called, the payout at maturity will be par unless Biogen stock finishes below the trigger value, in which case investors will be exposed to the stock’s decline from its initial share price.
The notes are guaranteed by JPMorgan Chase & Co.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase Financial Co. LLC
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| Guarantor: | JPMorgan Chase & Co.
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| Issue: | Autocallable contingent interest notes
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| Underlying stock: | Biogen Inc. (Symbol: BIIB)
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| Amount: | $657,000
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| Maturity: | May 10, 2021
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| Coupon: | 9.55% per year, payable quarterly if stock closes at or above trigger value on review date for that quarter
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| Price: | Par
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| Payout at maturity: | Par unless Biogen stock finishes below trigger value, in which 1% loss for every 1% that stock finishes below initial share price
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| Call: | After six months, automatically at par plus contingent coupon if Biogen stock closes at or above initial share price on any quarterly review date other than first and final ones
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| Initial share price: | $332.87
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| Trigger value: | $203.0507, or 61% of initial share price
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| Pricing date: | Feb. 5
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| Settlement date: | Feb. 10
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 1.5%
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| Cusip: | 48132HVL3
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