By Susanna Moon
Chicago, July 29 – JPMorgan Chase & Co. priced $10.17 million of contingent income autocallable securities due July 28, 2021 linked to Michael Kors Holdings Ltd. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon of 2.625% if Michael Kors stock closes at or above the 70% barrier level on the determination date for that quarter.
The notes will be called at par plus the contingent coupon if the stock close 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 70% 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 $10 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.
|
| Issue: | Contingent income autocallable securities
|
| Underlying stock: | Michael Kors Holdings Ltd. (Symbol: KORS)
|
| Amount: | $10,173,550
|
| Maturity: | July 28, 2017
|
| Contingent coupon: | 2.625% for each quarter that Michael Kors stock closes at or above barrier level on determination date for that quarter
|
| Price: | Par
|
| Payout at maturity: | If stock finishes at or above downside threshold level, par plus contingent payment; otherwise 0.12326 Michael Kors shares
|
| Call: | At par plus contingent payment if stock closes at or above initial level on any quarterly determination date other than final one
|
| Initial share price: | $81.13
|
| Barrier level: | $56.79, 70% of initial share price
|
| Pricing date: | July 25
|
| Settlement date: | July 30
|
| Agent: | J.P. Morgan Securities LLC
|
| Distribution: | Morgan Stanley Smith Barney, LLC
|
| Fees: | 2.25%
|
| Cusip: | 481246676
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
