By Toni Weeks
San Diego, Dec. 19 - JPMorgan Chase & Co. priced $3.2 million of contingent income autocallable securities due Dec. 20, 2013 linked to Las Vegas Sands Corp. shares, according to an FWP filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly payment of 2.85% if Las Vegas Sands stock closes at or above the 70% downside threshold level on the determination date for that quarter. Otherwise, no contingent payment will be made that quarter.
If the shares close at or above the initial price on any of the first three determination dates, the notes will be called at par plus the contingent coupon.
If Las Vegas Sands stock finishes at or above the downside threshold level, the payout at maturity will be par plus the contingent payment. Otherwise, the payout will be a number of Las Vegas Sands shares equal to $10 divided by the initial share price or, at the issuer's option, the cash equivalent.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Contingent income autocallable securities
|
| Underlying stock: | Las Vegas Sands Corp. (Symbol: MET)
|
| Amount: | $3,199,500
|
| Maturity: | Dec. 20, 2013
|
| Contingent payment: | 2.85% if Las Vegas Sands stock closes at or above downside threshold level on determination date for that quarter
|
| Price: | Par of $10.00
|
| Payout at maturity: | Par plus contingent coupon if Las Vegas Sands stock finishes at or above downside threshold; otherwise full exposure to any losses
|
| Call: | At par plus contingent payment if Las Vegas Sands stock closes at or above initial share price on any of the first three determination dates
|
| Initial share price: | $46.57
|
| Trigger level: | $32.599, 70% of initial price
|
| Exchange ratio: | 0.21473
|
| Pricing date: | Dec. 17
|
| Settlement date: | Dec. 20
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 1.5%
|
| Cusip: | 48124B816
|
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