JPMorgan plans 15-year range accrual notes on six-month Libor, S&P

By Jennifer Chiou

New York, June 14 - JPMorgan Chase & Co. plans to price range accrual notes due June 30, 2026 linked to six-month Libor and the S&P 500 index, according to an FWP with the Securities and Exchange Commission.

The coupon will be 7% for the first year. After that, the rate will accrue at 7% for each day that six-month Libor is less than or equal to 6% and the index closes at or above 925. Interest is payable quarterly.

The payout at maturity will be par.

The notes will be callable at par on any interest payment date beginning on June 30, 2012.

The notes (Cusip: 48125XUV6) are expected to price on June 27 and settle on June 30.

J.P. Morgan Securities LLC is the agent.

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