By Marisa Wong
Morgantown, W.Va., May 11 – JPMorgan Chase Financial Co. LLC priced $1.31 million of autocallable contingent interest notes due May 24, 2017 linked to the common stock of Gilead Sciences, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by JPMorgan Chase & Co
Each quarter, the notes pay a contingent coupon at the rate of 11.5% per year if Gilead shares close at or above the trigger level, 70% of the initial share price, on the review date for that quarter.
The notes will be automatically called at par plus the contingent coupon if Gilead shares close at or above the initial share price on any quarterly review date other than the final review date.
The payout at maturity will be par plus the final contingent interest payment unless the final share price is less than the trigger level, in which case investors will be fully exposed to the decline in the share price.
J.P. Morgan Securities LLC is the agent.
Issuer: | JPMorgan Chase Financial Co. LLC
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Guarantor: | JPMorgan Chase & Co.
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Issue: | Autocallable contingent interest notes
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Underlying stock: | Gilead Sciences, Inc. (Symbol: GILD)
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Amount: | $1,308,000
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Maturity: | May 24, 2017
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Coupon: | 11.5%, payable quarterly if stock closes at or above trigger price on review date for that quarter
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Price: | Par
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Payout at maturity: | Par plus contingent coupon if Gilead shares finish at or above trigger price; otherwise, par plus stock return
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Call: | Automatically at par plus contingent coupon if Gilead shares close at or above initial price on any quarterly review date other than final review date
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Initial share price: | $84.68
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Trigger price: | $59.276, 70% of initial price
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Pricing date: | May 6
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Settlement date: | May 11
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Underwriters: | J.P. Morgan Securities LLC
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Fees: | 1%
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Cusip: | 46646EBY7
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