By Wendy Van Sickle
Columbus, Ohio, June 14 – JPMorgan Chase Financial Co. LLC priced $948,000 of callable contingent interest notes due June 16, 2017 linked to the common stock of Apple Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by JPMorgan Chase & Co.
If Apple stock closes at or above the trigger price – 70% of the initial share price – on a quarterly review date, the issuer will pay a contingent coupon for that quarter at the rate of 7%. Otherwise, no coupon will be paid that quarter.
If the shares close at or above the initial price on any quarterly review date other than the first and final dates, the notes may be called at par plus the contingent coupon.
If the notes are not called and Apple shares either finish at or above the initial price or have not fallen below the trigger price any day during the life of the notes, the payout at maturity will be par plus the contingent coupon. Otherwise, investors will receive 10.1184 Apple shares or, at the issuer’s election, the cash equivalent.
J.P. Morgan Securities LLC is the underwriter.
| Issuer: | JPMorgan Chase Financial Co. LLC
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| Guarantor: | JPMorgan Chase & Co.
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| Issue: | Callable contingent interest notes
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| Underlying stock: | Apple Inc. (Nasdaq: AAPL)
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| Amount: | $948,000
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| Maturity: | June 16, 2017
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| Coupon: | 7%, payable quarterly if stock closes at or above trigger price on review date for that quarter
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| Price: | Par of $1,000
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| Payout at maturity: | Par plus contingent coupon if Apple shares finish at or above initial price or have not fallen below the trigger level any day during the life of the notes; otherwise, 10.1184 Apple shares or the equivalent cash amount
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| Call: | Issuer may choose to redeem at par plus contingent coupon if Apple shares close at or above initial price on any quarterly review date other than first and final dates
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| Initial share price: | $98.83
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| Trigger price: | $65.716, 70% of initial price
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| Pricing date: | June 10
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| Settlement date: | June 15
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| Underwriter: | J.P. Morgan Securities LLC
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| Fees: | 1.5%
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| Cusip: | 46625HRN2
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