By Marisa Wong
Madison, Wis., Dec. 14 - JPMorgan Chase & Co. priced $6.25 million of callable range accrual notes due Dec. 15, 2025 linked to six-month Libor and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will accrue at a fixed rate for each day that six-month Libor is 6.5% or less and the closing level of the S&P 500 is at least 900. The rate will be 7.25% per year for the first five years, 7.75% for years six through 10 and 8.25% until maturity. Interest is payable quarterly.
The payout at maturity will be par.
The notes will be callable at par on any interest payment date beginning Dec. 15, 2015.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Callable range accrual notes
|
| Amount: | $6.25 million
|
| Maturity: | Dec. 15, 2025
|
| Coupon: | For each day that six-month Libor is 6.5% or less and the S&P 500 closes at 900 or more, 7.25% for five years, 7.75% for next five years and 8.25% thereafter; payable quarterly
|
| Price: | Variable
|
| Payout at maturity: | Par
|
| Call option: | At par on any interest payment date after five years
|
| Pricing date: | Dec. 10
|
| Settlement date: | Dec. 15
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 5.137%, with 2.767% for selling concessions
|
| Cusip: | 48124A3H8
|
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