Published on 3/20/2012 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $1 million 10% reverse convertibles linked to Stone Energy
New York, March 20 - JPMorgan Chase & Co. priced $1 million of 10% reverse convertible notes due June 21, 2012 linked to Stone Energy Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Stone Energy shares fall below the protection price of $21.55, 67.874% of the initial price of $31.75, during the life of the notes and finish below the initial price in which case the payout will be 31.4961 shares of Stone Energy stock.
JPMorgan is the agent.
Issuer: | JPMorgan Chase & Co.
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Issue: | Reverse convertible notes
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Underlying stock: | Stone Energy Corp. (Symbol: SGY)
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Amount: | $1 million
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Maturity: | June 21, 2012
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Coupon: | 10%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Stone Energy shares fall below the protection price of $21.55, 67.874% of the initial price, and finish below the initial price, in which case 31.4961 shares of Stone Energy stock
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Initial price: | $31.75
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Protection price: | $21.55, 67.874% of $31.75
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Exchange ratio: | 31.4961
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Pricing date: | March 16
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Settlement date: | March 21
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Agent: | JPMorgan
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Fees: | 1.75%, including 1.25% for selling concessions
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Cusip: | 48125VSG6
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