By William Gullotti
Buffalo, N.Y., Oct. 13 – JPMorgan Chase Financial Co. LLC priced $2.28 million of callable contingent interest notes due June 7, 2023 linked to the common stock of American International Group, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a contingent quarterly coupon equal to 9.02% over the term of the notes if the stock closes at or above its 70% downside threshold on the relevant observation date. The first two interest payments, if payable, will be at a rate of 3.3825% with the final payable at 2.255%.
The securities may be called at the issuer’s option at par plus any coupon otherwise due on any quarterly observation date other than the final.
If the stock finishes at or above its downside threshold, the payout at maturity will be par plus the final coupon.
Otherwise, investors will lose 1% for every 1% that the stock declines from its initial level.
The notes are guaranteed by JPMorgan Chase & Co.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase Financial Co. LLC
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| Guarantor: | JPMorgan Chase & Co.
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| Issue: | Callable contingent interest notes
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| Underlying stock: | American International Group, Inc.
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| Amount: | $2,279,000
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| Maturity: | June 7, 2023
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| Coupon: | 9.02% over the term of the notes, payable quarterly, if the stock closes at or above its 70% downside threshold on the relevant observation date; the first two coupons are payable at a rate of 3.3825% with the final at 2.255%
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| Price: | Par
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| Payout at maturity: | If stock finishes at or above its downside threshold level, par plus final coupon; otherwise, 1% loss for every 1% that stock declines from initial level
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| Call option: | At the issuer’s option at par plus any coupon otherwise due on any quarterly observation date other than the final
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| Initial level: | $47.48
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| Downside threshold: | $33.236; 70% of initial level
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| Pricing date: | Sept. 30
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| Settlement date: | Oct. 5
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 0.5%
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| Cusip: | 48133NFG8
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