By Marisa Wong
Madison, Wis., Sept. 28 - JPMorgan Chase & Co. priced $4.25 million of 13.2% upside auto callable reverse exchangeable notes due Sept. 28, 2011 linked to the common stock of Bank of America 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 Bank of America shares close above the initial share price on Dec. 27, March 24, June 24, 2011 or Sept. 23, 2011.
The payout at maturity will be par unless Bank of America stock closes below 75% of the initial share price during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Bank of America shares equal to $1,000 divided by the initial share price or, at JPMorgan's option, a cash amount equal to the value of those shares.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Upside auto callable reverse exchangeable notes
|
| Underlying stock: | Bank of America Corp. (NYSE: BAC)
|
| Amount: | $4.25 million
|
| Maturity: | Sept. 28, 2011
|
| Coupon: | 13.2%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | If Bank of America stock closes below initial share price by more than protection amount during life of notes and final share price is less than initial share price, 73.5294 Bank of America shares or the cash value thereof; otherwise, par
|
| Call: | Automatically at par if Bank of America stock closes above initial share price on Dec. 27, March 24, June 24, 2011 or Sept. 23, 2011
|
| Initial share price: | $13.60
|
| Protection amount: | $3.40, 25% of initial price
|
| Pricing date: | Sept. 24
|
| Settlement date: | Sept. 29
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 1.35%
|
| Cusip: | 48124AK48
|
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