By Toni Weeks
San Luis Obispo, Calif., Feb. 11 - JPMorgan Chase & Co. priced $3.36 million of 6.5% upside autocallable reverse exchangeable notes due Feb. 12, 2015 linked to Apple Inc. shares, 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 Apple stock closes at or above the initial share price on any of three quarterly call dates.
The payout at maturity will be par in cash, unless Apple stock ever closes below the initial price by more than 25% and finishes below the initial share price, in which case investors will receive a number of Apple shares equal to $1,000 divided by the initial share price or, at JPMorgan's option, the cash equivalent.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Upside autocallable reverse exhangeable notes
|
| Underlying stock: | Apple Inc. (Symbol: AAPL)
|
| Amount: | $3.36 million
|
| Maturity: | Feb. 12, 2015
|
| Coupon: | 6.5%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par in cash unless Apple shares fall below buffer level during the life of the notes and finish below the initial price, in which case 1.9233 Apple shares
|
| Initial price: | $519.95
|
| Buffer amount: | $129.9875, 25% of initial share price
|
| Call: | At par plus accrued interest on quarterly date if stock closes at or above initial price
|
| Pricing date: | Feb. 7
|
| Settlement date: | Feb. 12
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 1.5%
|
| Cusip: | 48126N2R7
|
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