By Wendy Van Sickle
Columbus, Ohio, Oct. 24 – JPMorgan Chase Financial Co LLC priced $4.95 million of fixed-to-floating rate notes due Sept. 21, 2027, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly fixed coupon at 3% per year to but excluding Sept. 21, 2023.
After that, it will accrue at an annual rate equal to the spread of the 10-year U.S. dollar SOFR ICE swap rate over the two-year U.S. dollar SOFR ICE swap rate multiplied by 9.05 times, subject to a floor of 0% per annum.
The payout at maturity will be par plus any accrued interest.
The notes are guaranteed by JPMorgan Chase & Co.
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: | Fixed-to-floating rate notes
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Amount: | $4.95 million
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Maturity: | Sept. 21, 2027
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Price: | Par
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Coupon: | 3% annually, payable monthly to but excluding Sept. 21, 2023; after that, spread of 10-year U.S. dollar SOFR ICE swap rate over two-year U.S. dollar SOFR ICE swap rate multiplied by 9.05 times, subject to a floor of 0% per annum, payable monthly
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Payout at maturity: | Par plus any interest
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Pricing date: | Sept. 16
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Settlement date: | Sept. 21
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Underwriter: | J.P. Morgan Securities LLC
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Fees: | 1.5%
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Cusip: | 48133MDB3
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