Published on 3/23/2015 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $3.2 million 9.5% autocallable reverse exchangeables tied to Keurig
By Jennifer Chiou
New York, March 23 – JPMorgan Chase & Co. priced $3.2 million of 9.5% autocallable single observation reverse exchangeable notes due Sept. 22, 2016 linked to the performance of Keurig Green Mountain, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable monthly.
If the closing share price is equal to or greater than the initial price on any quarterly call date other than the final date, the notes will be called at par plus accrued interest.
If the notes are not called, the payout at maturity will be par unless Keurig Green Mountain stock falls by more than 30%, in which case the payout will be a number of shares of Keurig Green Mountain stock equal to $1,000 divided by the initial share price or, at the issuer’s option, a cash amount equal to the value of those shares.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
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| Issue: | Autocallable single observation reverse exchangeable notes
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| Underlying stock: | Keurig Green Mountain, Inc. (Symbol: GMCR)
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| Amount: | $3.2 million
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| Maturity: | Sept. 22, 2016
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| Coupon: | 9.5%, payable monthly
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| Price: | Par
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| Payout at maturity: | Par in cash unless the closing price of Keurig Green Mountain shares on Sept. 19, 2016 is less than 30% of the initial price, in which case Keurig Green Mountain stock equal to $1,000 divided by the initial share price or, at the issuer’s option, a cash amount equal to the value of those shares
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| Call: | At par plus accrued interest if closing share price is equal to or greater than the initial price on any quarterly call date other than the final date
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| Initial price: | $122.37
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| Protection amount: | $85.659, 70% of initial price
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| Pricing date: | March 19
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| Settlement date: | March 24
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 2.281%, all for selling commissions
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| Cusip: | 48125UGR7
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