By Angela McDaniels
Tacoma, Wash., April 29 – JPMorgan Chase Financial Co. LLC priced $600,000 autocallable contingent interest notes due May 2, 2018 linked to the least performing of the class P common stock of Kinder Morgan, Inc., the common units representing limited partnership interests of MPLX LP and the common units representing limited partnership interests of Enterprise Products Partners, LP, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by JPMorgan Chase & Co.
Each quarter, the notes will pay a contingent coupon at an annual rate of 25.5% if each stock closes at or above its trigger value, 70% of its initial price, on the review date for that quarter.
The notes will be automatically called at par if each stock closes at or above its initial price on any quarterly review other than the final date.
The payout at maturity will be par unless any stock finishes below its trigger value, in which case investors will be fully exposed to the decline of the worse-performing stock.
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 securities: | Class P common stock of Kinder Morgan, Inc. (Symbol: KMI), common units representing limited partnership interests of MPLX LP (Symbol: MPLX) and common units representing limited partnership interests of Enterprise Products Partners, LP (Symbol: EPD)
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Amount: | $600,000
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Maturity: | May 2, 2018
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Coupon: | 25.5%, payable quarterly if each stock closes at or above trigger value on review date for that quarter
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Price: | Par
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Payout at maturity: | Par plus contingent coupon if each stock finishes at or above trigger value; otherwise, exposure to decline of worst-performing stock
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Call: | Automatically at par plus contingent coupon if each stock closes at or above initial price on any quarterly review date other than final one
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Initial prices: | $18.29 for Kinder Morgan, $32.43 for MPLX and $27.13 for Enterprise
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Trigger values: | $12.803 for Kinder Morgan, $22.701 for MPLX and $18.991 for Enterprise; 70% of initial prices
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Pricing date: | April 27
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Settlement date: | April 29
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Underwriters: | J.P. Morgan Securities LLC
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Fees: | 2%
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Cusip: | 46646EAD4
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