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JPMorgan plans autocallable contingent interest notes tied to Rite Aid
By Marisa Wong
Madison, Wis., Dec. 9 – JPMorgan Chase & Co. plans to price autocallable contingent interest notes due Dec. 30, 2015 linked to the common stock of Rite Aid Corp., according to an FWP with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at an annual rate of 15% if Rite Aid shares close at or above the barrier price, 65% of the initial share price, on the review date for that quarter.
The notes will be automatically called at par plus the contingent coupon if Rite Aid shares close at or above the initial share price on any quarterly review date other than the final review date.
If the notes have not been called, the payout at maturity will be par unless the stock closes below the 65% trigger price on any day during the life of the notes and finishes below the initial price, in which case investors will receive a number of Rite Aid shares equal to $1,000 divided by the initial price or, at the issuer’s option, the cash value of those shares.
J.P. Morgan Securities LLC is the agent.
The notes will price on Dec. 12 and settle on Dec. 17.
The Cusip number is 48127D3D8.
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