By Marisa Wong
Madison, Wis., Nov. 12 - JPMorgan Chase & Co. priced $18.22 million of contingent income autocallable securities due Nov. 14, 2014 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 coupon of 2.4625% if Las Vegas Sands stock closes at or above the 75% downside threshold level on the determination date for that quarter.
If the stock closes at or above the initial share price on any of the first three quarterly determination dates, the notes will be redeemed at par of $10 plus the contingent payment.
If the notes are not called, the payout at maturity will be par plus the contingent payment unless the stock finishes below the downside threshold level, in which case 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 with distribution through Morgan Stanley Smith Barney LLC.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Contingent income autocallable securities
|
| Underlying stock: | Las Vegas Sands Corp. (NYSE: LVS)
|
| Amount: | $18,217,940
|
| Maturity: | Nov. 14, 2014
|
| Coupon: | 2.4625% per quarter if Las Vegas Sands stock closes at or above downside threshold level on review date for that quarter
|
| Price: | Par of $10
|
| Payout at maturity: | If final share price is greater than or equal to downside threshold level, par plus contingent payment; otherwise, 0.14327 Las Vegas Sands shares
|
| Call: | At par plus contingent payment if shares close at or above initial price on any of first three quarterly determination dates
|
| Initial share price: | $69.80
|
| Downside threshold: | $52.35, 75% of initial share price
|
| Pricing date: | Nov. 8
|
| Settlement date: | Nov. 14
|
| Agent: | J.P. Morgan Securities LLC with Morgan Stanley Smith Barney LLC as dealer
|
| Fees: | 1.5%
|
| Cusip: | 48127A880
|
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