By E. Janene Geiss
Philadelphia, Feb. 25 - JPMorgan Chase & Co. priced $50 million of range accrual notes due Feb. 28, 2026 linked to six-month Libor and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly. The coupon will be 8% for the first year. After that, the interest rate will be 8% per year multiplied by the proportion of days on which six-month Libor is between 0% and 6.5% and the S&P 500 index is greater than or equal to 900.
The payout at maturity will be par.
Beginning Feb. 28, 2012, the notes are callable at par on any interest payment date.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Six-month Libor and S&P 500 range accrual notes
|
| Amount: | $50 million
|
| Maturity: | Feb. 28, 2026
|
| Coupon: | 8% for first year; after that, 8% per year multiplied by proportion of days on which six-month Libor is between 0% and 6.5% and the S&P 500 is greater than or equal to 900; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Call option: | At par on any interest payment date beginning Feb. 28, 2012
|
| Pricing date: | Feb. 23
|
| Settlement date: | Feb. 28
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 3.5%
|
| Cusip: | 48125XER3
|
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