By Wendy Van Sickle
Columbus, Ohio, Jan. 21 – JPMorgan Chase Financial Co. LLC priced $10 million of autocallable contingent interest notes due Jan. 21, 2022 linked to the common stock of Biogen Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by JPMorgan Chase & Co.
If Biogen shares close at or above the coupon barrier – 80% of the initial share price – on a monthly review date, the issuer will pay a contingent coupon for that month at $12.9167 per $1,000 principal amount, plus any previously unpaid contingent coupons for any prior review dates.
If the shares close at or above the initial price on any monthly review date other than the final review date, the notes will be called at par plus the contingent coupon and any prior unpaid coupons.
If the notes are not called and Biogen shares finish at or above the 80% trigger price, the payout at maturity will be par plus the contingent coupon plus any previously unpaid coupons. Otherwise, investors will lose 1.25% for every 1% share price decline beyond 20%.
J.P. Morgan Securities LLC is the underwriter.
| 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 stock: | Biogen Inc.
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| Amount: | $10 million
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| Maturity: | Jan. 21, 2022
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| Coupon: | $12.9167 per $1,000 principal amount, payable each month that stock closes at or above coupon barrier on review date for that month, along with any previously unpaid contingent coupons for any prior review dates
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| Price: | Par of $1,000
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| Payout at maturity: | Par plus contingent coupon if Biogen shares finish at or above trigger price; otherwise, 1.25% loss per 1% decline beyond 20%
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| Call: | Automatically at par plus contingent coupon and any previously unpaid coupons if Biogen shares close at or above initial price on any monthly review date other than final review date
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| Initial share price: | $275.84
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| Coupon barrier: | $220.672, 80% of initial price
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| Trigger price: | $220.672, 80% of initial price
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| Pricing date: | Jan. 19
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| Settlement date: | Jan. 21
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| Underwriter: | J.P. Morgan Securities LLC
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| Fees: | 0.5%
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| Cusip: | 48132RLR9
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