By Toni Weeks
San Luis Obispo, Calif., April 29 – JPMorgan Chase & Co. priced $1 million of 12.25% autocallable reverse exchangeable notes due May 4, 2016 linked to the class A common stock of Chesapeake Energy Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
Beginning Oct. 27, 2015, the notes will be called at par if Chesapeake Energy stock closes at or above the strike value on any monthly review date other than final review date. The strike value is the stock’s closing share price on April 27.
If the notes are not called, the payout at maturity will be par unless the final share price is less than the strike value and the stock closes below the trigger price, 50% of the strike value, on any day during the life of the notes, in which case the payout will be a number of Chesapeake Energy shares equal to $1,000 divided by the strike value.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Autocallable reverse exchangeable notes
|
| Underlying stock: | Chesapeake Energy Corp. (Symbol: CHK)
|
| Amount: | $1 million
|
| Maturity: | May 4, 2016
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| Coupon: | 12.25%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par unless final share price is less than strike value and stock closes below trigger price on any day during life of notes, in which case 69.4927 Chesapeake Energy shares
|
| Call: | At par if stock closes at or above strike value on any monthly review date from Oct. 27, 2015 onward, not including final review date
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| Strike value: | $14.39, closing share price on April 27
|
| Trigger value: | $7.195, 50% of strike value
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| Pricing date: | April 27
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| Settlement date: | May 4
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 1.46%
|
| Cusip: | 46625HKS8
|
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