JPMorgan amends strike level for range accrual notes on Libor, S&P 500

By Marisa Wong

Madison, Wis., May 16 - JPMorgan Chase & Co. changed the index strike level for its upcoming callable variable-rate range accrual notes due May 31, 2027 linked to six-month Libor and the S&P 500 index, according to an amended FWP filing with the Securities and Exchange Commission.

Interest will accrue at 6.5% for each day that six-month Libor is 6% or less and the closing level of the S&P 500 index is at least 1,025, lowered from 1,075.

Interest is payable quarterly.

The payout at maturity will be par.

The notes are callable on any quarterly interest payment date beginning May 31, 2013.

J.P. Morgan Securities LLC is the agent.

The notes (Cusip: 48125VUS7) will price on May 25 and settle on May 31.

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