By Susanna Moon
Chicago, Sept. 23 – JPMorgan Chase & Co. priced $9.42 million of contingent income autocallable securities due Sept. 22, 2017 linked to Seagate Technology plc shares, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon of 2.4375% if Seagate stock closes at or above the 75% downside threshold level on the determination date for that quarter.
The notes will be called at par plus the contingent coupon if the stock closes at or above the initial level on any quarterly determination date other than the final date.
If the notes are not called and Seagate stock finishes at or above the 75% downside threshold, the payout at maturity will be par plus the contingent payment.
Otherwise, investors will receive a number of shares of Seagate stock 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 as dealer.
| Issuer: | JPMorgan Chase & Co.
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| Issue: | Contingent income autocallable securities
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| Underlying stock: | Seagate Technology plc (Nasdaq: STX)
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| Amount: | $9,421,220
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| Maturity: | Sept. 22, 2017
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| Contingent coupon: | 2.4375% for each quarter that Seagate stock closes at or above downside threshold level on determination date for that quarter
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| Price: | Par
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| Payout at maturity: | If stock finishes at or above downside threshold level, par plus contingent payment; otherwise 0.1715 Seagate shares
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| Call: | At par plus contingent payment if stock closes at or above initial level on any quarterly determination date other than final one
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| Initial share price: | $58.31
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| Downside threshold: | $43.7325, 75% of initial share price
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| Pricing date: | Sept. 19
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| Settlement date: | Sept. 24
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| Agent: | J.P. Morgan Securities LLC with Morgan Stanley Smith Barney LLC as distributor
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| Fees: | 2%
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| Cusip: | 48127H711
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