By Marisa Wong
Madison, Wis., July 3 – JPMorgan Chase & Co. priced $2.1 million of 8.25% upside autocallable reverse exchangeable notes due July 6, 2015 linked to the common stock of Silver Wheaton Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be called at par plus accrued interest if Silver Wheaton stock closes at or above the initial share price on any of two quarterly call dates.
If the notes are not called, the payout at maturity will be par in cash, unless Silver Wheaton stock ever closes below the initial price by more than 30% and finishes below the initial share price, in which case investors will receive a number of Silver Wheaton shares equal to $1,000 divided by the initial share price or, at JPMorgan’s option, the cash equivalent.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
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| Issue: | Upside autocallable reverse exhangeable notes
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| Underlying stock: | Silver Wheaton Corp. (Symbol: SLW)
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| Amount: | $2,102,000
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| Maturity: | July 6, 2015
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| Coupon: | 8.25%, payable monthly
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| Price: | Par
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| Payout at maturity: | Par in cash unless Silver Wheaton shares fall below 70% of the initial price during the life of the notes and finish below the initial price, in which case 38.0662 Silver Wheaton shares
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| Initial price: | $26.27
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| Buffer amount: | $7.881, 30% of initial share price
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| Call: | At par plus accrued interest on Dec. 30, 2014 or March 30, 2015 if closing price is equal to or greater than initial price
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| Pricing date: | June 30
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| Settlement date: | July 6
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 1.5%
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| Cusip: | 48127DMV7
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