By Wendy Van Sickle
Columbus, Ohio, Sept. 22 – JPMorgan Chase Financial Co. LLC priced $2 million of callable fixed-to-floating rate notes due Sept. 20, 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 10.5% for the first year.
After that, it will be 10 times the spread of the 30-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 one year.
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 rate notes
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Amount: | $2 million
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Underlying rates: | 30-year U.S. Dollar SOFR ICE swap rate and two-year U.S. Dollar SOFR ICE swap rate
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Maturity: | Sept. 20, 2028
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Coupon: | Initially 10.5%; beginning Sept. 20, 2024, 10 times the spread of the 30-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
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Price: | Par
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Payout at maturity: | Par
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Call: | At the issuer’s option at par plus any accrued and unpaid interest on any quarterly review date beginning Sept. 20, 2024
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Pricing date: | Sept. 15
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Settlement date: | Sept. 20
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Agent: | J.P. Morgan Securities LLC
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Fees: | 3%
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Cusip: | 48133WP85
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