By Toni Weeks
San Luis Obispo, Calif., July 15 – JPMorgan Chase & Co. priced $8.09 million of contingent income autocallable securities due July 16, 2015 linked to Under Armour, Inc. shares, according to an FWP with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 11.85% if Under Armour stock closes at or above the 75% barrier level on the determination date for that quarter.
The notes will be called at par plus the contingent coupon if the stock closes at or above the initial level on any quarterly determination date other than the final date.
If the notes are not called and Under Armour stock finishes at or above the 75% barrier level, the payout at maturity will be par plus the contingent payment.
Otherwise, investors will receive a number of shares of Under Armour stock equal to $10 divided by the initial share price or, at the issuer's option, the cash value of those shares.
J.P. Morgan Securities LLC is the agent with Morgan Stanley Smith Barney LLC as dealer.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Contingent income autocallable securities
|
| Underlying stock: | Under Armour, Inc. (Symbol: UA)
|
| Amount: | $8,088,880
|
| Maturity: | July 16, 2015
|
| Contingent coupon: | 11.85% annualized for each quarter that Under Armour stock closes at or above barrier level on determination date for that quarter
|
| Price: | Par
|
| Payout at maturity: | If stock finishes at or above downside threshold level, par plus contingent payment; otherwise 0.17024 Under Armour shares
|
| Call: | At par plus contingent payment if stock closes at or above initial level on any quarterly determination date other than final one
|
| Initial share price: | $58.74
|
| Barrier level: | $44.055, 75% of initial share price
|
| Pricing date: | July 11
|
| Settlement date: | July 16
|
| Agent: | J.P. Morgan Securities LLC with Morgan Stanley Smith Barney LLC as distributor
|
| Fees: | 1.5%
|
| Cusip: | 48127H109
|
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