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JPMorgan to price 35-year floating-rate notes linked to Libor
By Marisa Wong
Morgantown, W.Va., Dec. 14 – JPMorgan Chase Financial Co. LLC plans to price floating-rate notes due Dec. 20, 2052 linked to Libor, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be guaranteed by JPMorgan Chase & Co.
Interest will equal Libor times 0.66 minus 40 basis points for the first three years. Beginning Dec. 20, 2020, interest will equal Libor minus 40 bps. Beginning Dec. 20, 2037, interest will equal Libor. The coupon has a floor of zero. Interest is payable quarterly.
The bonds are putable every two years starting Dec. 20, 2020. The repurchase price is 98 initially, stepping up to 99 in 2028 and to par in 2038.
J.P. Morgan Securities LLC is the agent.
The notes will price on Dec. 15.
The Cusip number is 46647MPR8.
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