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JPMorgan plans contingent income autocallable notes linked to Seadrill
By Susanna Moon
Chicago, Feb. 28 - JPMorgan Chase & Co. plans to price contingent income autocallable securities with step-up redemption threshold level due March 9, 2017 linked to Seadrill Ltd. shares, according to an FWP filing with the Securities and Exchange Commission.
If Seadrill stock closes at or above the 75% barrier level on a quarterly review date, the notes will pay a contingent payment of at least 4% for that quarter.
If the stock closes at or above the initial level on any determination date other than the final determination date, the notes will be redeemed at par of $10 plus the contingent payment.
If the notes are not called, the payout at maturity will be par plus the contingent payment unless the stock finishes below the barrier level, in which case the payout will be a number of Seadrill shares equal to $10 divided by the initial share price or, at the issuer's option, the cash equivalent.
J.P. Morgan Securities LLC is the underwriter with Morgan Stanley Smith Barney LLC handling distribution.
The notes will price on March 5.
The Cusip number is 48127E577.
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