By Angela McDaniels
Tacoma, Wash., Oct. 1 - JPMorgan Chase & Co. priced an additional $35 million of 0% daily liquidity notes due Nov. 21, 2014 linked to the Dow Jones - UBS Commodity Index 3 Month Forward Total Return, according to a 424B2 filing with the Securities and Exchange Commission.
This brings the total issue size to $230 million. The initial $65 million principal amount was issued on Nov. 23, 2010, an additional $90 million was issued on March 5, 2013, and $40 million more was issued on July 26.
As of Sept. 27, agent J.P. Morgan Securities LLC has sold $188,329,000 principal amount of notes, of which $100,801,000 principal amount of notes has been previously repurchased by the company and has been or will be retired. Accordingly, $94,199,000 principal amount of notes are outstanding, of which $6,671,000 principal amount of notes are held by J.P. Morgan Securities.
After giving effect to the issuance of the additional notes, $129,199,000 principal amount of notes will be outstanding, of which $41,671,000 principal amount of notes will be held by J.P. Morgan Securities.
The payout at maturity will be the indicative note value on Nov. 18, 2014.
The indicative value of each note will equal $1,000 on the pricing date. On each subsequent trading day, the indicative note value will equal the indicative note value on the preceding day multiplied by the index factor, minus the investor fee.
The index factor will equal the index closing level on that day divided by the index closing level on the preceding day.
On any trading day, the investor fee will equal the indicative note value of the preceding day times 0.8%, multiplied by the number of calendar days from the preceding trading day to the current trading day, divided by 360.
The notes are putable and callable beginning Nov. 23, 2011. Investors will receive the indicative note value on the relevant valuation date - three business days before the redemption date. Investors will be charged a repurchase fee of 0.2% if they choose to redeem the notes early.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Daily liquidity notes
|
| Underlying index: | Dow Jones - UBS Commodity Index 3 Month Forward Total Return
|
| Amount: | $230 million (increased from $65 million)
|
| Maturity: | Nov. 21, 2014
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | Indicative note value on Nov. 18, 2014; indicative value will equal $1,000 on the pricing date and for each subsequent trading day will equal the indicative value on the preceding day multiplied by the index factor, minus the investor fee
|
| Call: | At any time beginning Nov. 23, 2011; put option on daily basis at any time beginning Nov. 23, 2011; investors will receive the indicative note value minus a repurchase fee of 0.2%
|
| Initial index level: | 607.2879
|
| Pricing dates: | Nov. 18, 2010 for $65 million, Feb. 28, 2013 for $90 million, July 23 for $40 million; Sept. 27 for $35 million
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| Settlement dates: | Nov. 23, 2010 for initial tranche, March 5, 2013 for first add-on, July 26 for second add-on; Oct. 2 for latest add-on
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| Agent: | J.P. Morgan Securities LLC
|
| Fees: | None
|
| Cusip: | 48124A3C9
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