JPMorgan plans 8%-10% autocallable reverse exchangeables on Twitter

By Marisa Wong

Madison, Wis., July 22 – JPMorgan Chase & Co. plans to price 8% to 10% autocallable reverse exchangeable notes due Aug. 8, 2016 linked to Twitter, Inc. shares, according to an FWP with the Securities and Exchange Commission.

Interest will be payable monthly.

The notes will be called at par if Twitter stock closes at or above the initial share price on any quarterly review date other than the final date.

The payout at maturity will be par unless the stock ever closes below the 55% trigger level during the life of the notes and the stock finishes below its initial level, in which case investors will receive a number of Twitter shares equal to $1,000 divided by the initial share price or, at the issuer’s option, the cash equivalent.

J.P. Morgan Securities LLC is the agent.

The notes will price on July 31 and settle on Aug. 5.

The Cusip number is 48127VAB4.

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