By Toni Weeks
San Luis Obispo, Calif., Jan. 31 - JPMorgan Chase & Co. priced $3.16 million of airbag phoenix autocallable optimization securities due July 31, 2015 linked to Apollo Global Management, LLC shares, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 12% if Apollo shares close at or above the coupon barrier, 75% of the initial share price, on the observation date for that month.
The notes will be called at par plus the coupon if the stock closes at or above the initial share price on any quarterly observation date.
If the notes are not called, the payout at maturity will be par unless the final share price is less than the conversion price, in which case the payout will be a number of Apollo shares equal to $1,000 divided by the conversion price. The conversion price is 80% of the initial share price.
UBS Financial Services Inc. and J.P. Morgan Securities LLC are the agents.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Airbag phoenix autocallable optimization notes
|
| Underlying stock: | Apollo Global Management, LLC (Symbol: APO)
|
| Amount: | $3,164,000
|
| Maturity: | July 31, 2015
|
| Coupon: | 12% annualized, payable monthly if Apollo shares close at or above coupon barrier on observation date for the month
|
| Price: | Par
|
| Payout at maturity: | If final share price is less than conversion price, number of Apollo shares equal to $1,000 divided by conversion price; otherwise, par
|
| Call: | At par if Apollo shares close at or above the initial share price on any quarterly observation date
|
| Initial share price: | $31.65
|
| Coupon barrier level: | $23.74, 75% of initial price
|
| Conversion price: | $25.32, 80% of initial price
|
| Pricing date: | Jan. 29
|
| Settlement date: | Jan. 31
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| Agents: | UBS Financial Services Inc. and J.P. Morgan Securities LLC
|
| Fees: | 1.5%
|
| Cusip: | 48127A138
|
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