By Angela McDaniels
Tacoma, Wash., April 2 – JPMorgan Chase & Co. priced $2.35 million of autocallable contingent interest notes due April 5, 2018 linked to the least performing of the common stocks of Cummins Inc., Gilead Sciences, Inc. and Oracle Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes will pay a coupon at an annualized rate of 11.25% if each stock closes at or above its barrier share price, 60% of its initial share price, on the review date for that month.
The notes will be automatically called at par plus the coupon if each stock closes at or above its initial share price on any quarterly review date.
If the notes have not been called, the payout at maturity will be par plus the contingent coupon unless any stock finishes below its barrier share price, in which case investors will lose 1% for every 1% decline in the least-performing stock from its initial share price.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Autocallable contingent interest notes
|
| Underlying stocks: | Cummins Inc. (Symbol: CMI), Gilead Sciences, Inc. (Symbol: GILD) and Oracle Corp. (Symbol: ORCL)
|
| Amount: | $2,349,000
|
| Maturity: | April 5, 2018
|
| Coupon: | Each month, notes pay contingent coupon at annual rate of 11.25% if each stock closes at or above barrier share price on review date for that month
|
| Price: | Par
|
| Payout at maturity: | Par plus contingent coupon unless any stock finishes below barrier share price, in which case 1% loss for every 1% decline in least-performing stock from initial share price
|
| Call: | Automatically at par plus contingent coupon if each stock closes at or above initial share price on any quarterly review date
|
| Initial share prices: | $140.14 for Cummins, $100.69 for Gilead and $43.44 for Oracle
|
| Barrier share prices: | $84.084 for Cummins, $60.414 for Gilead and $26.064 for Oracle; 60% of initial share prices
|
| Pricing date: | March 30
|
| Settlement date: | April 2
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 3.35%
|
| Cusip: | 48125UKW1
|
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