By William Gullotti
Buffalo, N.Y., June 16 – JPMorgan Chase Financial Co. LLC priced $3 million of callable fixed-to-floating notes due June 11, 2031, 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 quarterly interest payment date starting June 11, 2022.
Interest will be fixed at 5% for the first year.
After that, it will be six times the spread of the 30-year U.S. dollar ICE swap rate over the five-year U.S. dollar ICE swap rate minus 0.25%, up to a maximum rate of 7%. Interest is payable quarterly and cannot be less than 0%.
The payout at maturity will be par.
J.P. Morgan Securities LLC is the agent.
Issuer: | JPMorgan Chase Financial Co. LLC
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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 five-year U.S. Dollar ICE swap rate
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Maturity: | June 11, 2031
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Coupon: | Initially 5%; beginning June 11, 2022, six times the spread of the 30-year U.S. Dollar ICE swap rate over the five-year U.S. Dollar ICE swap rate minus 0.25%, up to a maximum rate of 7%; payable quarterly, floor of 0%
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Call option: | On any interest payment date starting June 11, 2022
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Price: | Par
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Payout at maturity: | Par
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Pricing date: | June 9
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Settlement date: | June 11
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Agent: | J.P. Morgan Securities LLC
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Fees: | 1.25%
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Cusip: | 48130UWM3
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