By Angela McDaniels
Tacoma, Wash., Aug. 22 – JPMorgan Chase Financial Co. LLC priced $2.74 million of autocallable contingent interest notes due Feb. 24, 2017 linked to the lesser performing of the common stocks of Staples, Inc. and Target Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by JPMorgan Chase & Co.
Each quarter, the notes will pay a contingent coupon at an annual rate of 8.125% if each stock closes at or above its trigger value, 80% of its initial share price, on the review date for that quarter.
The notes will be automatically called at par if each stock closes at or above its initial share price on Nov. 18, 2016.
The payout at maturity will be par unless either stock finishes below its trigger value, in which case investors will have one-to-one exposure to the decline of the lesser-performing stock from its initial share price.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase Financial Co. LLC
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| Guarantor: | JPMorgan Chase & Co.
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| Issue: | Autocallable contingent interest notes
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| Underlying stocks: | Staples, Inc. (Symbol: SPLS) and Target Corp. (Symbol: TGT)
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| Amount: | $2,735,000
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| Maturity: | Feb. 24, 2017
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| Coupon: | 8.125%, payable quarterly if each stock closes at or above trigger value on review date for that quarter
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| Price: | Par
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| Payout at maturity: | Par plus contingent coupon if each stock finishes at or above trigger value; otherwise, exposure to decline of worse-performing stock from initial share price
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| Call: | Automatically at par plus contingent coupon if each stock closes at or above initial price on Nov. 18, 2016
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| Initial share prices: | $8.48 for Staples and $70.30 for Target
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| Trigger values: | $6.784 for Staples and $56.24 for Target; 80% of initial share prices
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| Pricing date: | Aug. 18
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| Settlement date: | Aug. 23
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 1.85%
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| Cusip: | 46646EVN9
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