Published on 7/14/2022 in the Prospect News Investment Grade Daily.
New Issue: JPMorgan prices $109.18 million floating-rate notes due 2062 linked to SOFR
By Wendy Van Sickle
Columbus, Ohio, July 14 – JPMorgan Chase Financial Co. LLC priced $109.18 million of floating-rate notes due July 12, 2062 linked to SOFR, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is equal to SOFR. Interest is payable quarterly and cannot be less than 0%.
The payout at maturity will be par plus any interest.
Investors may request their notes be repurchased annually at 97 starting July 11, 2023, at 98 starting July 12, 2026, at 99 starting July 12, 2029 and at par starting July 16, 2032.
The notes are guaranteed by JPMorgan Chase & Co.
UBS Financial Services Inc. and J.P. Morgan Securities LLC are the agents.
Issuer: | JPMorgan Chase Financial Co. LLC
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Guarantor: | JPMorgan Chase & Co.
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Issue: | Floating-rate notes
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Underlying: | SOFR
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Amount: | $109,181,000
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Maturity: | July 12, 2062
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Coupon: | SOFR, subject to a floor of 0%; payable quarterly
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Price: | Par
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Payout at maturity: | Par plus any interest
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Put option: | Annually at 97 starting July 11, 2023, at 98 starting July 12, 2026, at 99 starting July 12, 2029 and at par starting July 16, 2032
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Pricing date: | July 8
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Settlement date: | July 12
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Underwriters: | UBS Financial Services Inc. and J.P. Morgan Securities LLC
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Fees: | 1%
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Cusip: | 48133DK90
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