By Angela McDaniels
Tacoma, Wash., April 25 - JPMorgan Chase & Co. priced $34.95 million of 8% equity-linked notes due April 30, 2015 linked to the common stock of Mylan Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The face value of each note is $50.112. This is equal to the initial strike price, which is slightly lower than the company's $50.28 closing share price on the pricing date.
Interest is payable monthly.
If the final share price is less than or equal to the lower put strike price, 85% of the initial strike price, the payout at maturity will be $37.2010. This is equal to the lower put strike price multiplied by the downside participation rate of 87.33624%, which is equal to one divided by the upper put strike price.
If the final share price is greater than the lower put strike price and less than the upper put strike price, 114.5% of the initial strike price, the payout at maturity will be 87.33624% of the final share price.
If the final share price is greater than or equal to the upper put strike price and less than the call strike price, 117.97% of the initial strike price, the payout will be par.
If the final share price is greater than or equal to the call strike price, the payout will be par plus 0.65% for every 1% that the final share price exceeds the call strike price.
The payout can be made in cash or Mylan shares at the issuer's option.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Equity-linked notes
|
| Underlying stock: | Mylan Inc.
|
| Amount: | $34,945,603.20
|
| Maturity: | April 30, 2015
|
| Coupon: | 8%, payable monthly
|
| Price: | Par of $50.112
|
| Payout at maturity: | If final share price is less than or equal to lower put strike price, $37.2010; if final share price is greater than lower put strike price and less than upper put strike price, 87.33624% of final share price; if final share price is greater than or equal to upper put strike price and less than call strike price, par; if final share price is greater than or equal to call strike price, par plus 0.65% for every 1% that final share price exceeds call strike price; payout can be made in cash or Mylan shares at issuer's option
|
| Initial strike price: | $50.112
|
| Lower put strike price: | $42.59520, 85% of initial strike price
|
| Upper put strike price: | $57.37824, 114.5% of initial strike price
|
| Call strike price: | $59.11713, 117.97% of initial strike price
|
| Pricing date: | April 23
|
| Settlement date: | April 30
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | None
|
| Cusip: | 48127F558
|
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