JPMorgan plans 8.75% autocallable reverse exchangeables on financials

By Susanna Moon

Chicago, June 2 – JPMorgan Chase & Co. plans to price 8.75% autocallable reverse exchangeable notes due Dec. 20, 2016 linked to the worst performing of the common stocks of TD Ameritrade Holding Corp., E*Trade Financial Corp. and Charles Schwab Corp., according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

The notes will be called at par if each stock closes at or above the initial level on any review date other than the final review date.

The payout at maturity will be par unless any stock ever closes below the 50% trigger level during the life of the notes and finishes below the initial level, in which case the payout will be a number of shares of the worst performing stock equal to $1,000 divided by the initial share price or, at the issuer’s option, the cash equivalent.

J.P. Morgan Securities LLC is the agent.

The notes will price on June 15 and settle on June 18.

The Cusip number is 48127XAB0.

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