By Wendy Van Sickle
Columbus, Ohio, July 29 – JPMorgan Chase Financial Co. LLC priced $2 million of callable fixed-to-floating rate notes due July 28, 2032, 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 after one year.
Interest will be fixed at 7% for the first two years.
After that, it will be 10 times the spread of the 30-year U.S. dollar ICE swap rate over the two-year U.S. dollar ICE swap rate. Interest is payable quarterly and cannot be less than 2% per annum.
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.
|
| Issue: | Callable fixed-to-floating rate notes
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| Amount: | $2 million
|
| Underlying rates: | 30-year U.S. Dollar ICE swap rate and two-year U.S. Dollar ICE swap rate
|
| Maturity: | July 28, 2032
|
| Coupon: | Initially 7%; beginning after two years, 10 times the spread of the 30-year U.S. Dollar ICE swap rate over the two-year U.S. Dollar ICE swap rate; payable quarterly, floor of 2%
|
| Call option: | On any interest payment date starting after one year
|
| Price: | Par
|
| Payout at maturity: | Par
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| Pricing date: | July 26
|
| Settlement date: | July 28
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 1.25%
|
| Cusip: | 48133DP61
|
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