By Angela McDaniels
Tacoma, Wash., March 14 - JPMorgan Chase & Co. priced $410,000 of upside autocallable reverse exchangeable notes due Sept. 15, 2011 linked to the common stock of Freeport-McMoRan Copper & Gold Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The six-month notes carry a coupon of 10% per year. Interest is payable monthly.
The notes will be called at par if Freeport-McMoRan stock closes above the initial share price on June 15.
The payout at maturity will be par unless Freeport-McMoRan stock falls by more than 35% during the life of the notes and the final share price is less than the initial share price, in which case the payout will be a number of Freeport-McMoRan 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.
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Issue: | Upside autocallable reverse exchangeable notes
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Underlying stock: | Freeport-McMoRan Copper & Gold Inc. (Symbol: FCX)
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Amount: | $410,000
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Maturity: | Sept. 15, 2011
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Coupon: | 10%, payable monthly
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Price: | Par
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Payout at maturity: | If Freeport-McMoRan stock falls by more than protection amount during life of notes and final share price is less than initial share price, 20.9249 Freeport-McMoRan shares or equivalent in cash; otherwise, par
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Initial share price: | $47.79
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Protection amount: | $16.7265, 35% of initial share price
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Pricing date: | March 10
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Settlement date: | March 15
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Agent: | J.P. Morgan Securities LLC
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Fees: | 3.348%, including 2.378% for selling concessions
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Cusip: | 48125XHH2
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