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JPMorgan plans 12.25% autocallable reverse exchangeables tied to Hertz
By Toni Weeks
San Diego, May 22 - JPMorgan Chase & Co. plans to price 12.25% upside autocallable single observation reverse exchangeable notes due May 31, 2013 linked to the common stock of Hertz Global Holdings, Inc., according to an FWP filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be automatically called at par on any of three quarterly call dates if the closing price is greater than the initial share price. The call dates are Aug. 28, Nov. 27, 2012 and Feb. 25, 2013.
The payout at maturity will be par in cash, unless the final price of Hertz shares falls by more than 45% from the initial share price, in which case investors will receive a number of Hertz shares equal to $1,000 divided by the initial share price or, at JPMorgan's option, a cash amount equal to the value of those shares.
The exact terms will be determined at pricing.
The notes (Cusip: 48125VYT1) will price May 29 and settle May 31.
J.P. Morgan Securities LLC is the agent.
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