By Susanna Moon
Chicago, March 26 - JPMorgan Chase & Co. priced $3.02 million of autocallable contingent interest notes due April 9, 2014 linked to Lennar Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
If Lennar shares close at or above the 80% trigger level on a quarterly review date, the notes will pay a coupon that quarter at an annualized rate of 16.5%.
If the shares close at or above the initial share price on any review date other than the final review date, the notes will be called at par plus the coupon.
If the notes have not been called and the stock finishes at or above the trigger level, the payout at maturity will be par plus the coupon.
Otherwise, investors will be fully exposed to losses.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Autocallable contingent interest notes
|
| Underlying stock: | Lennar Corp. (NYSE: LEN)
|
| Amount: | $3.02 million
|
| Maturity: | April 9, 2014
|
| Coupon: | 16.5% per year, payable quarterly if Lennar stock at or above trigger price that quarter
|
| Price: | Par
|
| Payout at maturity: | Par plus contingent coupon unless Lennar shares finish below trigger price, in which case investors share fully in losses
|
| Call: | At par plus contingent coupon if closing share price is at or above initial share price on any review date other than final review date
|
| Initial share price: | $42.12
|
| Trigger price: | $33.696, 80% of initial share price
|
| Pricing date: | March 22
|
| Settlement date: | March 27
|
| Underwriter: | J.P. Morgan Securities LLC
|
| Fees: | 1%
|
| Cusip: | 48126DE39
|
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