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JPMorgan plans upside autocallable reverse exchangeables on VeriFone
By Angela McDaniels
Tacoma, Wash., May 28 - JPMorgan Chase & Co. plans to price upside autocallable reverse exchangeable notes due June 9, 2015 linked to the common stock of VeriFone Systems, Inc., according to an FWP filing with the Securities and Exchange Commission.
The notes will carry a coupon of 7.5% to 9.5%. Interest will be payable monthly, and the exact rate will be set at pricing.
The notes will be called at par if VeriFone stock closes at or above the initial share price on Dec. 8, 2014 or March 9, 2015.
If the notes are not called, the payout at maturity will be par unless VeriFone stock closes below the buffer level, 65% of the initial share price, during the life of the notes and finishes below the initial price, in which case the payout will be a number of VeriFone shares equal to $1,000 divided by the initial share price.
J.P. Morgan Securities LLC is the agent.
The notes are expected to price June 4 and settle June 9.
The Cusip number is 48127DKA5.
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