By Susanna Moon
Chicago, July 8 – JPMorgan Chase & Co. priced $400,000 of contingent income autocallable securities due July 9, 2015 linked to Michael Kors Holdings Ltd. shares, according to an FWP with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 8.5% if Michael Kors stock closes at or above the 75% barrier level on the determination date for that quarter.
The notes will be called at par plus the contingent coupon if the stock closes at or above the initial level on any quarterly determination date other than the final date.
If the notes are not called and Michael Kors stock finishes at or above the 75% barrier level, the payout at maturity will be par plus the contingent payment.
Otherwise, investors will receive a number of shares of Michael Kors stock equal to $1,000 divided by the initial share price or, at the issuer's option, the cash value of those shares.
J.P. Morgan Securities LLC is the agent with Morgan Stanley Smith Barney LLC as dealer.
| Issuer: | JPMorgan Chase & Co.
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| Issue: | Contingent income autocallable securities
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| Underlying stock: | Michael Kors Holdings Ltd. (Symbol: KORS)
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| Amount: | $400,000
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| Maturity: | July 9, 2015
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| Contingent coupon: | 8.5% annualized for each quarter that Michael Kors stock closes at or above barrier level on determination date for that quarter
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| Price: | Par
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| Payout at maturity: | If stock finishes at or above downside threshold level, par plus contingent payment; otherwise, 11.07788 Michael Kors shares
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| Call: | At par plus contingent payment if stock closes at or above initial level on any quarterly determination date other than final one
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| Initial share price: | $90.27
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| Barrier level: | $67.7025, 75% of initial share price
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| Pricing date: | July 3
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| Settlement date: | July 9
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| Agent: | J.P. Morgan Securities LLC with Morgan Stanley Smith Barney LLC as distributor
|
| Fees: | 2.75%
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| Cusip: | 48127DQW1
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