By Marisa Wong
Madison, Wis., Jan. 14 - JPMorgan Chase & Co. priced $5 million of 15.5% upside auto callable single observation reverse exchangeable notes due Jan. 18, 2012 linked to the common stock of Eastman Kodak Co., according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable monthly.
The notes will be called at par if the price of Kodak stock closes above the initial share price on April 13, July 13, Oct. 13, 2011 or Jan. 12, 2012.
The payout at maturity will be par unless the final share price is less than 50% of the initial share price, in which case the payout will be a number of Kodak shares equal to $1,000 divided by the initial share price or, at JPMorgan's option, a cash amount equal to the value of those shares.
J.P. Morgan Securities LLC is the agent.
Issuer: | JPMorgan Chase & Co.
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Issue: | Upside auto callable single observation reverse exchangeable notes
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Underlying stock: | Eastman Kodak Co. (NYSE: EK)
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Amount: | $5 million
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Maturity: | Jan. 18, 2012
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Coupon: | 15.5%, payable monthly
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Price: | Par
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Payout at maturity: | If final price of Kodak stock has declined from initial price by more than protection amount, a number of Kodak shares equal to $1,000 divided by the initial share price or, at JPMorgan's option, an equivalent amount in cash; otherwise, par
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Initial share price: | $5.60
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Protection amount: | $2.80, 50% of initial price
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Exchange ratio: | 178.5714
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Pricing date: | Jan. 12
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Settlement date: | Jan. 18
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Agent: | J.P. Morgan Securities LLC
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Fees: | 1.05%
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Cusip: | 48125XBF2
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