By Angela McDaniels
Tacoma, Wash., March 20 - JPMorgan Chase & Co. priced $3 million of callable variable-rate range accrual notes due March 21, 2027 linked to Libor and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly. The interest rate is 8% for the first year. Beginning March 21, 2013, the interest rate will be the interest factor multiplied by the proportion of days on which the closing level of the S&P 500 is at least 930. The interest factor is (a) 1.2 times (b) 7% per year minus Libor, subject to a minimum of zero and a maximum of 8.4% per year.
The payout at maturity will be par.
Beginning March 21, 2013, the notes will be redeemable at par on any interest payment date.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Callable variable-rate range accrual notes
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| Underlyings: | Libor and S&P 500 index
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| Amount: | $3 million
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| Maturity: | March 21, 2027
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| Coupon: | 8% for first year; beginning March 21, 2013, interest factor multiplied by proportion of days on which S&P 500 closes at or above 930; interest factor is (a) 1.2 times (b) 7% per year minus Libor, subject to minimum of zero and maximum of 8.4% per year
|
| Price: | Variable prices
|
| Payout at maturity: | Par
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| Call option: | At par on any interest payment date from March 21, 2013 onward
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| Pricing date: | March 16
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| Settlement date: | March 21
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 7.05%, including 4% for selling concessions
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| Cusip: | 48125VQJ2
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