By Angela McDaniels
Tacoma, Wash., March 25 – JPMorgan Chase & Co. priced $2 million of 16% autocallable reverse exchangeable notes due March 24, 2016 linked to the common stock of Insys Therapeutics, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
Beginning Sept. 21, 2015, the notes will be called at par if Insys stock closes at or above the strike value on any monthly review date. The strike value is the closing price of Insys stock on March 20.
If the notes are not called, the payout at maturity will be par unless the final share price is less than the strike value and the stock closes below the trigger price, 50% of the strike value, on any day during the life of the notes, in which case the payout will be a number of Insys shares equal to $1,000 divided by the strike value.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Autocallable reverse exchangeable notes
|
| Underlying stock: | Insys Therapeutics, Inc. (Symbol: INSY)
|
| Amount: | $2 million
|
| Maturity: | March 24, 2016
|
| Coupon: | 16%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par unless final share price is less than strike value and stock closes below trigger price on any day during life of notes, in which case 16.6611 Insys shares
|
| Call: | At par if stock closes at or above strike value on any monthly review date from Sept. 21, 2015 onward
|
| Strike value: | $60.02
|
| Trigger price: | $30.01, 50% of strike value
|
| Strike date: | March 20
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| Pricing date: | March 23
|
| Settlement date: | March 26
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 1.85%
|
| Cusip: | 48125UKU5
|
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