By William Gullotti
Buffalo, N.Y., July 9 – JPMorgan Chase Financial Co. LLC sold $6.07 million of autocallable contingent interest notes due May 31, 2024 linked to the performance of the stocks of Valero Energy Corp., Southwest Airlines Co. and Capital One Financial Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by JPMorgan Chase & Co.
The notes will pay a contingent monthly coupon at an annual rate of 10.25% if each stock closes at or above its interest barrier level, 60% of its initial level, on the review date for that month.
The notes will be called at par plus the coupon if each stock closes at or above its initial share price on any quarterly call date after six months.
The payout at maturity will be par plus the final coupon unless each stock finishes below its initial share price and any stock finishes below its 60% trigger value, in which case investors will lose 1% for each 1% decline of the worst performing stock from its initial level.
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 stocks: | Valero Energy Corp., Southwest Airlines Co., Capital One Financial Corp.
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Amount: | $6,071,000
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Maturity: | May 31, 2024
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Coupon: | 10.25% annualized, payable monthly if each underlying stock closes at or above interest barrier level on review date for that month
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Price: | Par
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Payout at maturity: | Par plus final coupon unless each stock finishes below initial share price and any stock finishes below trigger level, in which case 1% loss for each 1% decline of worst performing stock from initial level
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Call: | Automatically at par plus coupon if each stock closes at or above initial share price on any quarterly call date after six months
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Initial levels: | $60.55 for Southwest, $77.33 for Valero, $158.22 for Capital One
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Interest barriers: | $36.33 for Southwest, $46.398 for Valero, $94.932 for Capital One; 60% of initial levels
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Trigger values: | $36.33 for Southwest, $46.398 for Valero, $94.932 for Capital One; 60% of initial levels
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Pricing date: | May 25
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Settlement date: | May 28
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Agent: | J.P. Morgan Securities LLC
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Fees: | 3.5%
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Cusip: | 48132T7A8
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