By Susanna Moon
Chicago, April 17 – JPMorgan Chase & Co. priced $310,000 of 5% autocallable reverse exchangeable notes due July 20, 2016 linked to Chevron Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be called at par if Chevron stock closes at or above the initial on any review date other than the final date.
The payout at maturity will be par unless the stock closes below the trigger level, 80% of the initial level, on any day during the life of the notes and finishes below the initial level, in which case the payout will be a number of Chevron shares equal to $1,000 divided by the initial price.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
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| Issue: | Autocallable reverse exchangeable notes
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| Underlying stock: | Chevron Corp. (Symbol: CVX)
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| Amount: | $310,000
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| Maturity: | July 20, 2016
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| Coupon: | 5%, payable monthly
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| Price: | Par
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| Payout at maturity: | Par unless stock falls and ever dips below trigger level during life of notes, in which case 9.0572 Chevron shares
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| Call: | At par if stock closes at or above initial level on any review date other than the final date
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| Initial level: | $110.41
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| Trigger level: | $88.328, 80% of initial price
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| Pricing date: | April 15
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| Settlement date: | April 20
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 1.5%
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| Cusip: | 46625HKE9
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