By Marisa Wong
Madison, Wis., Dec. 26 – JPMorgan Chase & Co. priced $809,000 airbag phoenix autocallable optimization securities due June 24, 2016 linked to the common stock of Time Warner Cable Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes will pay a contingent coupon at the rate of 10.15% per year if Time Warner shares close at or above the coupon barrier, 75% of the initial share price, on the observation date for that month.
The notes will be automatically called at par if Time Warner shares close at or above the initial share price on any autocall observation date, which occur quarterly.
If the notes are not called and the final price of Time Warner shares is greater than or equal to the conversion price, 85% of the initial share price, the payout at maturity will be par. Otherwise, investors will receive a number of Time Warner shares equal to $1,000 divided by the conversion price.
UBS Financial Services Inc. and J.P. Morgan Securities LLC are the agents.
| Issuer: | JPMorgan Chase & Co.
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| Issue: | Airbag phoenix autocallable optimization securities
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| Underlying stock: | Time Warner Cable Inc. (Symbol: TWC)
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| Amount: | $809,000
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| Maturity: | June 24, 2016
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| Coupon: | 10.15% annualized, payable monthly if Time Warner shares close at or above coupon barrier on observation date for the month
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| Price: | Par
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| Payout at maturity: | If final share price is less than conversion price, number of Time Warner shares equal to $1,000 divided by the conversion price; otherwise, par
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| Call: | At par if Time Warner shares close at or above the initial share price on any quarterly observation date
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| Initial share price: | $149.31
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| Coupon barrier level: | $111.98, 75% of initial price
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| Conversion price: | $126.91, 85% of initial price
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| Pricing date: | Dec. 19
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| Settlement date: | Dec. 24
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| Agents: | UBS Financial Services Inc. and J.P. Morgan Securities LLC
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| Fees: | 1.5%
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| Cusip: | 48127P390
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