By Toni Weeks
San Luis Obispo, Calif., March 30 – JPMorgan Chase & Co. priced $600,000 of reverse exchangeable notes due Oct. 1, 2015 linked to E*Trade Financial Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay an annualized coupon of 8.25%. Interest is payable monthly.
A trigger event occurs if the stock closes below the trigger value, 75% of the initial level, on any day during the life of the notes.
If the final share price is greater than or equal to the initial price or a trigger event has not occurred, the payout at maturity will be par. If the final value is less than the initial value and a trigger event has occurred, the payout will be a number of shares of E*Trade stock equal to $1,000 divided by the initial level or, at the issuer’s option, the cash value of those shares.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Reverse Exchangeable notes
|
| Underlying stock: | E*Trade Financial Corp. (Symbol: ETFC)
|
| Amount: | $600,000
|
| Maturity: | Oct. 1, 2015
|
| Coupon: | 8.25%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par unless E*Trade shares finishes below the initial value and closes below the trigger value during the life of the notes, in which case 36.4299 E*Trade shares
|
| Initial price: | $27.45 (average of per-share price of certain intraday trades on pricing date)
|
| Trigger value: | 75% of initial level
|
| Pricing date: | March 26
|
| Settlement date: | March 31
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | None
|
| Cusip: | 48125UJR4
|
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