By Toni Weeks
San Luis Obispo, Calif., Feb. 19 - JPMorgan Chase & Co. priced $24.67 million of contingent income autocallable securities due Feb. 20, 2015 linked to the common stock of Las Vegas Sands Corp., according to a 424B2 filing with the Securities and Exchange Commission.
If Las Vegas Sands stock closes at or above the downside threshold level - 75% of the initial share price - on any quarterly determination date, investors will receive a contingent payment of $0.3038 for each $10.00 note. Otherwise, no contingent payment will be made for that period.
If the closing share price is greater than or equal to the initial share price on any quarterly determination date other than the final date, the notes will be automatically redeemed at par plus the contingent payment.
If the notes are not called and the final share price is greater than or equal to the downside threshold level, the payout at maturity will be par plus the contingent payment. If the final share price is less than the downside threshold level, the payout will be a number of Las Vegas Sands shares equal to the principal amount of notes divided by the initial share price or, at the issuer's option, the cash value of those shares.
J.P. Morgan Securities LLC is the agent with Morgan Stanley Smith Barney LLC as dealer.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Contingent income autocallable securities
|
| Underlying stock: | Las Vegas Sands Corp. (Symbol: LVS)
|
| Amount: | $24,665,980
|
| Maturity: | Feb. 20, 2015
|
| Contingent coupon: | 3.0375% per quarter, payable if Las Vegas Sands stock closes at or above downside threshold level on determination 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, 0.12477 Las Vegas Sands shares
|
| Call: | At par plus contingent payment if shares close at or above initial price on any quarterly determination date (other than final date)
|
| Initial share price: | $80.15
|
| Downside threshold: | $60.1125, 75% of initial share price
|
| Exchange ratio: | 0.12477
|
| Pricing date: | Feb. 14
|
| Settlement date: | Feb. 20
|
| Agent: | J.P. Morgan Securities LLC with Morgan Stanley Smith Barney LLC as dealer
|
| Fees: | 1.5%
|
| Cusip: | 48127E833
|
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