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JPMorgan plans range accrual notes linked to six-month Libor, S&P 500
By Angela McDaniels
Tacoma, Wash., June 21 - JPMorgan Chase & Co. plans to price callable range accrual notes due July 5, 2027 linked to six-month Libor and the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
Interest is payable quarterly at an annual rate equal to the interest factor multiplied by the proportion of days on which the closing level of the S&P 500 is at least 1,000 and Libor is 6% or less. The interest factor is 5.75% in years one through six, 6.25% in years seven through nine, 7% in years 10 through 12 and 8% in years 13 through 15.
The payout at maturity will be par.
Beginning July 5, 2013, the notes will be redeemable at par on any interest payment date.
The notes are expected to price June 29 and settle July 5.
J.P. Morgan Securities LLC is the agent.
The Cusip number is 48125VYX2.
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