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JPMorgan prices $2.37 million notes tied to EMC; data storage company seen as pick by Einhorn
By Sheri Kasprzak
New York, Feb. 18 - JPMorgan Chase & Co. priced $2.37 million of additional equity-linked notes linked to the common stock of EMC Corp.
The reopening of these notes comes as hedge fund manager David Einhorn reportedly picked the data storage technology firm as a stock to own.
JPMorgan priced an initial $26.5 million of the notes at par of $23.9427 on March 27, 2013. The reopened notes priced at $22.40 and increase the total principal amount of notes to $28.87 million.
The 7.5% notes are due March 26, 2014.
If the final share price is less than or equal to the lower put strike price of $20.3513, the investors will receive 90.3424% of the lower put strike price.
If the final share price is greater than the lower put strike price but lower than the upper put strike price of $26.50217, the investors will receive 90.3424% of the final share price.
Investors will receive par at maturity if the final share price is greater than the upper put strike price but lower than the call strike price of $27.94113.
If the final share price is greater than or equal to the call strike price, investors will receive par plus (a) 0.65 times (b) the final share price less the call strike price.
If the final share price is less than the upper put strike price of $26.50217, the investors will lose up to 23.209% of the principal amount of notes at maturity.
EMC shares up
EMC, which is based in Hopkinton, Mass., provides data storage, cloud computing, analytics and other products to protect data.
The corporation has experienced average annual earnings growth of 18.8% over the past 10 years.
On Tuesday, the company's stock climbed by $0.08 to close at $25.48 (NYSE: EMC).
Over the past year, between Feb. 13, 2013, and Feb. 14, 2014, the company's stock has climbed by 6.19%.
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