By Jennifer Chiou
New York, Dec. 16 – JPMorgan Chase & Co. priced $3,467,850 of contingent income autocallable securities due Dec. 15, 2017 linked to salesforce.com, inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at a rate of 9.85% per year if salesforce.com stock closes at or above the 70% downside threshold level on the determination date for that quarter.
If the shares close at or above the initial price on any quarterly determination date other than the final date, the notes will be called at par plus the contingent coupon.
If the notes are not called and salesforce.com stock finishes at or above the 70% downside threshold level, the payout at maturity will be par plus the contingent payment.
Otherwise, investors will receive a number of shares of salesforce.com stock equal to $10 divided by the initial share price or, at the issuer’s option, the cash value of those shares.
J.P. Morgan Securities LLC is the agent with Morgan Stanley Smith Barney LLC as distributor.
| Issuer: | JPMorgan Chase & Co.
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| Issue: | Contingent income autocallable securities
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| Underlying stock: | salesforce.com, inc. (NYSE: CRM)
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| Amount: | $3,467,850
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| Maturity: | Dec. 15, 2017
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| Coupon: | 9.85%, payable quarterly if stock closes at or above downside threshold on review date for that quarter
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| Price: | Par of $10
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| Payout at maturity: | Par if salesforce.com stock finishes at or above downside threshold level; otherwise, a number of shares of salesforce.com stock equal to $10 divided by initial share price or, at issuer’s option, cash value of those shares
|
| Call: | Automatically at par plus contingent coupon if shares close at or above initial price on any quarterly determination date other than final date
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| Initial share price: | $55.07
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| Downside threshold price: $38.549, 70% of initial price
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| Exchange ratio: | 0.18159
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| Pricing date: | Dec. 12
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| Settlement date: | Dec. 17
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| Agent: | J.P. Morgan Securities LLC with Morgan Stanley Smith Barney LLC
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| Fees: | 2.5%
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| Cusip: | 48127P531
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