By Tali Rackner
Norfolk, Va., Aug. 17 – JPMorgan Chase & Co. priced $1 million of fixed- to floating-rate notes due Aug. 18, 2023 linked to the three-month Libor, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is fixed at 2% for the first two years. After that, it will be three-month Libor plus 125 basis points, subject to a minimum interest rate of zero and a maximum interest rate of 3% in year three, 4% in years four through six and 5% in year seven. Interest is payable quarterly.
The payout at maturity will be par.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
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| Issue: | Fixed- to floating-rate notes
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| Underlier: | Three-month Libor
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| Amount: | $1 million
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| Maturity: | Aug. 18, 2023
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| Coupon: | 2% for first two years; after that, Libor plus 125 bps, subject to a minimum interest rate of zero and a maximum interest rate of 3% in year three, 4% in years four through six and 5% in year seven; payable quarterly
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| Price: | Par
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| Payout at maturity: | Par
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| Pricing date: | Aug. 15
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| Settlement date: | Aug. 18
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 0.5%
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| Cusip: | 48128GF54
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