By Jennifer Chiou
New York, March 18 - JPMorgan Chase & Co. priced $1 million of autocallable contingent interest notes due March 18, 2015 linked to the lesser performing of Tenet Healthcare Corp. stock and the HCA Holdings, Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.
If each stock closes at or above the trigger level, 65% of the initial share price, on a quarterly review date, the notes will pay a coupon at an annual rate of 12.15% for that quarter.
If each stock closes at or above the initial share price on any review date other than the final review date, the notes will be called at par plus the coupon.
If the notes have not been called and either of the stocks finishes below its trigger level, the payout at maturity will be a number of shares of the least-performing stock equal to $1,000 divided by the initial stock price or, at the issuer's option, the cash value of those shares.
Otherwise, investors will receive par plus the coupon.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Autocallable contingent interest notes
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| Underlying stocks: | Tenet Healthcare Corp. (Symbol: THC), HCA Holdings, Inc. (Symbol: HCA)
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| Amount: | $1 million
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| Maturity: | March 18, 2015
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| Coupon: | 3.0375% (equivalent to 12.15% per year) payable quarterly if each stock closes at or above trigger level on review date for that quarter
|
| Price: | Par
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| Payout at maturity: | Par plus contingent coupon unless either stock finishes below its trigger level, in which case the physical delivery amount of shares of the least-performing stock or, at the issuer's option, the cash value of those shares
|
| Call: | Automatically at par plus contingent coupon if each stock closes at or above initial share price on any quarterly review date other than final review date
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| Initial share prices: | $40.24 for Tenet, $48.00 for HCA Holdings
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| Trigger levels: | $26.156 for Tenet, $31.20 for HCA Holdings, 65% of initial share prices
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| Pricing date: | March 13
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| Settlement date: | March 18
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 1%
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| Cusip: | 48127DBS6
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