By Marisa Wong
Madison, Wis., May 29 - JPMorgan Chase & Co. priced $5.94 million of contingent income autocallable securities due May 29, 2015 linked to salesforce.com, inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent payment of 2.525% for each quarter that salesforce stock closes at or above the downside threshold level, 70% of the initial share price, on the determination date for that quarter.
The notes will be redeemed at par plus the contingent payment if the stock closes at or above the initial price on any quarterly determination date other than the final one.
If the notes are not called and the stock finishes at or above the downside threshold level, the payout at maturity will be par plus the contingent payment.
Otherwise, the payout will be a number of salesforce shares equal to $10 divided by the initial share price or, at the issuer's option, the cash equivalent.
J.P. Morgan Securities LLC is the agent with Morgan Stanley Smith Barney LLC handling distribution.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Contingent income autocallable securities
|
| Underlying stock: | salesforce.com, inc. (Symbol: CRM)
|
| Amount: | $5,937,410
|
| Maturity: | May 29, 2015
|
| Contingent coupon: | 2.525% per quarter, payable if salesforce stock closes at or above downside threshold level on determination date for that quarter
|
| Price: | Par of $10.00
|
| Payout at maturity: | If stock finishes at or above downside threshold level, par plus contingent payment; otherwise, 0.18723 salesforce shares
|
| Call: | At par plus contingent payment if stock closes at or above initial level on any quarterly determination date other than final one
|
| Initial share price: | $53.41
|
| Downside threshold level: | $37.387, 70% of initial share price
|
| Pricing date: | May 23
|
| Settlement date: | May 29
|
| Agent: | J.P. Morgan Securities LLC with Morgan Stanley Smith Barney LLC handling distribution
|
| Fees: | 1.5%
|
| Cusip: | 48127F376
|
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