By William Gullotti
Buffalo, N.Y., Sept. 23 – JPMorgan Chase Financial Co. LLC sold $2 million of autocallable contingent interest notes due July 8, 2024 linked to the performance of the stocks of Overstock.com, Inc. and 1-800-Flowers.com, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by JPMorgan Chase & Co.
The notes will pay a contingent monthly coupon at an annual rate of 11.5% if each stock closes at or above its interest barrier level, 60% of its initial level, on the corresponding review date.
The notes will be automatically called at par plus the coupon if each stock closes at or above its initial level on any quarterly call date other than the first, second and final dates.
If each stock finishes at or above its interest barrier, the payout at maturity will be par plus the final coupon.
If the worst performer finishes below its interest barrier but at or above its 50% trigger value, investors will receive par. Otherwise, investors will lose 1% for every 1% decline of the worst performer from its initial level.
J.P. Morgan Securities LLC is the agent.
Issuer: | JPMorgan Chase Financial Co. LLC
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Guarantor: | JPMorgan Chase & Co.
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Issue: | Autocallable contingent interest notes
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Underlying stocks: | Overstock.com, Inc., 1-800-Flowers.com, Inc.
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Amount: | $2,000,000
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Maturity: | July 8, 2024
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Coupon: | 11.5% annualized, payable monthly if each underlying stock closes at or above interest barrier level on relevant observation date
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Price: | Par
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Payout at maturity: | If all stocks finish at or above its interest barrier, par plus final coupon; if laggard stock falls below the interest barrier but finishes at or above trigger value, par; otherwise, lose 1% for every 1% decline of worst performer from initial level
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Call option: | Automatically at par plus coupon if each stock closes at or above initial level on any quarterly call date other than the first, second and final dates
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Initial levels: | $87.94 for Overstock, $33.18 for Flowers
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Interest barriers: | $52.764 for Overstock, $19.908 for Flowers; 60% of initial levels
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Trigger values: | $43.97 for Overstock, $16.59 for Flowers; 50% of initial levels
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Pricing date: | July 2
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Settlement date: | July 8
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Agent: | J.P. Morgan Securities LLC
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Fees: | 3.25%
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Cusip: | 48132UUP6
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