By Susanna Moon
Chicago, July 22 – JPMorgan Chase & Co. priced $3.9 million autocallable contingent interest notes due Oct. 22, 2015 linked to Apple Inc., according to an FWP with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 6% if Apple shares close at or above the coupon barrier level, 80% of the initial share price, on the review date for that quarter.
The notes will be called at par plus the contingent coupon if Apple shares close at or above the initial share price on any quarterly review date other than the final review date.
If the stock finishes at or above the initial level or never closes below the 70% trigger level during the life of the notes, the payout at maturity will be par plus the contingent coupon.
Otherwise, investors will be fully exposed to any losses.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
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| Issue: | Autocallable contingent interest notes
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| Underlying shares: | Apple Inc. (Symbol: AAPL)
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| Amount: | $3,899,000
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| Maturity: | Oct. 22, 2015
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| Coupon: | 6% annualized for each quarter that Apple stock closes at or above coupon barrier level on review date for that quarter
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| Price: | Par
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| Payout at maturity: | Par plus contingent coupon unless the stock falls or ever dips below trigger level, in which case 10.5899 Apple shares
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| Call: | At par plus contingent coupon if Apple shares close at or above initial share price on any quarterly review date other than final review date
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| Initial share price: | $94.43
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| Coupon barrier level: | 80% of initial share price
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| Trigger level: | 70% of initial level
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| Pricing date: | July 18
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| Settlement date: | July 23
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 1.5%
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| Cusip: | 48127DSS8
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