By Wendy Van Sickle
Columbus, Ohio, Feb. 20 – JPMorgan Chase Financial Co. LLC priced $3 million of callable fixed-to-floating notes due Feb. 14, 2040, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be guaranteed by JPMorgan Chase & Co.
The notes are callable at par on any interest payment date starting Feb. 14, 2022.
Interest will be fixed at 7% for the first two years. After that, it will be 4.1 times the spread of the 30-year U.S. Dollar ICE swap rate over the two-year U.S. Dollar ICE swap rate, up to a maximum rate of 6%. Interest is payable quarterly and cannot be less than zero.
The payout at maturity will be par.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase Financial Co. LLC
|
| Guarantor: | JPMorgan Chase & Co.
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| Issue: | Callable fixed-to-floating notes
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| Amount: | $3 million
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| Underlying rates: | 30-year U.S. Dollar ICE swap rate and two-year U.S. Dollar ICE swap rate
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| Maturity: | Feb. 14, 2040
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| Coupon: | Initially 7%; beginning Feb. 14, 2022, 4.1 times the spread of the 30-year U.S. Dollar ICE swap rate over the two-year U.S. Dollar ICE swap rate, up to a maximum rate of 6%; payable quarterly, floor of zero
|
| Call option: | On any interest payment date starting Feb. 14, 2022
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| Price: | Variable
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| Payout at maturity: | Par
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| Pricing date: | Feb. 12
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| Settlement date: | Feb. 14
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| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 1.85%
|
| Cusip: | 48130UTR6
|
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