By Jennifer Chiou
New York, May 22 - JPMorgan Chase & Co. priced $1,525,000 of autocallable contingent interest notes due May 26, 2015 linked to the least performing of the common stocks of Caterpillar Inc., Citigroup Inc. and Occidental Petroleum Corp., according to a 424B2 filing with the Securities and Exchange Commission.
If each stock closes at or above the 70% trigger price on a quarterly review date, the notes will pay a coupon at an annualized rate of 13.4% for that quarter.
If each stock closes at or above its respective 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 each stock finishes at or above its trigger price, the payout at maturity will be par plus the coupon. Otherwise, investors will receive a number of shares of the least performing stock equal to $1,000 divided by that stock's initial price or, at the issuer's election, the cash value of those shares.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Autocallable contingent interest notes
|
| Underlying stocks: | Caterpillar Inc. (Symbol: CAT), Citigroup Inc. (Symbol: C) and Occidental Petroleum Corp. (Symbol: OXY)
|
| Amount: | $1,525,000
|
| Maturity: | May 26, 2015
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| Coupon: | 3.35% (equivalent to 13.4% per year), payable quarterly if each stock closes at or above barrier price on review date for that interest period; otherwise, no coupon will be paid for that interest period
|
| Price: | Par
|
| Payout at maturity: | Par plus contingent coupon unless any stock finishes below trigger price, in which case investors share fully in losses
|
| Call: | Automatically at par plus contingent coupon if Valeant shares close at or above initial stock price on any review date other than the final review date
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| Initial stock prices: | $86.78 for Caterpillar; $50.61 for Citigroup; $91.03 for Occidental
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| Barrier/trigger level: | 70% of initial price
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| Pricing date: | May 20
|
| Settlement date: | May 23
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 1.5%
|
| Cusip: | 48126NAN7
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