By Angela McDaniels
Tacoma, Wash., Dec. 11 – JPMorgan Chase & Co. priced $1.51 million of 7% autocallable reverse exchangeable notes due Dec. 13, 2016 linked to the common stock of CSX Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be called at par if CSX stock closes at or above the initial share price on June 8, 2016 or Sept. 8, 2016.
If the notes are not called, the payout at maturity will be par unless the final share price is less than the initial share price and the stock closes below the trigger price, 70% of the initial share price, on any day during the life of the notes, in which case the payout will be a number of CSX shares equal to $1,000 divided by the initial share price or, at the issuer’s option, an amount in cash equal to the value of those shares.
J.P. Morgan Securities LLC is the agent.
Issuer: | JPMorgan Chase & Co.
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Issue: | Autocallable reverse exchangeable notes
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Underlying stock: | CSX Corp. (Symbol: CSX)
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Amount: | $1,506,000
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Maturity: | Dec. 13, 2016
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Coupon: | 7%, payable monthly
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Price: | Par
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Payout at maturity: | Par unless final share price is less than initial share price and stock closes below trigger price on any day during life of notes, in which case 40.016 CSX shares or cash amount equal to value of those shares
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Call: | At par if stock closes at or above initial share price on June 8, 2016 or Sept. 8, 2016
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Initial share price: | $24.99
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Trigger value: | $17.493, 70% of initial share price
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Pricing date: | Dec. 8
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Settlement date: | Dec. 11
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Agent: | J.P. Morgan Securities LLC
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Fees: | 1.5%
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Cusip: | 46625HPJ3
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