By William Gullotti
Buffalo, N.Y., July 21 – JPMorgan Chase Financial Co. LLC priced $3.7 million of callable fixed-to-floating rate notes due July 10, 2028, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be guaranteed by JPMorgan Chase & Co.
Interest will be fixed at 7.4% for the first two years.
After that, it will be 10 times the spread of the 10-year U.S. dollar SOFR ICE swap rate minus the two-year U.S. dollar SOFR ICE swap rate, subject to a floor of 0%. Interest is payable quarterly.
The notes are callable at par plus any accrued and unpaid interest on any quarterly interest payment date after two years.
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: | $3.7 million
|
| Underlying rates: | 10-year U.S. Dollar SOFR ICE swap rate and two-year U.S. Dollar SOFR ICE swap rate
|
| Maturity: | July 10, 2028
|
| Coupon: | Initially 7.4%; beginning July 10, 2025, 10 times the spread of the 10-year U.S. Dollar SOFR ICE swap rate minus the two-year U.S. Dollar SOFR ICE swap rate, subject to a floor of 0%; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Call: | At the issuer’s option at par plus any accrued and unpaid interest on any quarterly review date beginning July 10, 2025
|
| Pricing date: | July 6
|
| Settlement date: | July 10
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 1.5%
|
| Cusip: | 48133WE87
|
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