By Angela McDaniels
Tacoma, Wash., March 13 - JPMorgan Chase & Co. priced $25 million of 7% equity-linked notes due March 10, 2014 linked to the common stock of American International Group, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The principal amount of each note is $39.4659. This is equal to the initial strike price, which was set by the calculation agent and is less than the $39.47 closing share price of AIG stock on the pricing date.
If the final share price is less than or equal to the lower put strike price, the payout at maturity will be 90.70295% of the lower put strike price. The lower put strike price is 85% of the initial strike price.
If the final share price is greater than the lower put strike price and less than the upper put strike price, the payout will be 90.70295% of the final share price. The upper put strike price is 110.25% of the initial strike price.
If the final share price is greater than or equal to the upper put strike price and less than the call strike price, the payout will be par. The call strike price is 114.95% of the initial strike price.
If the final share price is greater than or equal to the call strike price, the payout will be (a) par plus (b) (i) 65% of (ii) the final share price minus the call strike price.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Equity-linked notes
|
| Underlying stock: | American International Group, Inc. (Symbol: AIG)
|
| Amount: | $25,000,069.01
|
| Maturity: | March 10, 2014
|
| Coupon: | 7%, payable monthly
|
| Price: | Par of $39.4659
|
| Payout at maturity: | If final share price is less than or equal to lower put strike price, 90.70295% of lower put strike price; if final share price is greater than lower put strike price and less than upper put strike price, 90.70295% 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, (a) par plus (b) (i) 65% of (ii) final share price minus call strike price
|
| Initial strike price: | $39.4659
|
| Lower put strike price: | $33.54602, 85% of initial strike price
|
| Upper put strike price: | $43.51115, 110.25% of initial strike price
|
| Call strike price: | $45.36605, 114.95% of initial strike price
|
| Pricing date: | March 11
|
| Settlement date: | March 18
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 0.15%
|
| Cusip: | 48124B592
|
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