By Marisa Wong
Madison, Wis., Feb. 27 - JPMorgan Chase & Co. priced $61.93 million of range accrual notes due Feb. 28, 2027 linked to six-month Libor and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will equal 6.5% per year times the proportion of days on which six-month Libor is 6% or less and the closing level of the S&P 500 index is at least 890. Interest is payable quarterly.
The payout at maturity will be par.
The notes are redeemable on any interest payment date after one year.
J.P. Morgan Securities LLC is the agent, and Morgan Stanley Smith Barney LLC will handle distribution.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Six-month Libor and S&P 500 index range accrual notes
|
| Amount: | $61,928,000
|
| Maturity: | Feb. 28, 2027
|
| Coupon: | 6.5% per year times proportion of days on which six-month Libor is 6% or less and S&P 500 closes at or above 890; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Call option: | At par on interest payment dates after one year
|
| Pricing date: | Feb. 23
|
| Settlement date: | Feb. 28
|
| Agent: | J.P. Morgan Securities LLC
|
| Distribution: | Morgan Stanley Smith Barney LLC
|
| Fees: | 3.5%, all for selling concessions
|
| Cusip: | 48125VLD0
|
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