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JPMorgan plans 15-year callable step-up notes with 4% initial coupon
By Marisa Wong
Madison, Wis., Nov. 23 - JPMorgan Chase & Co. plans to price callable fixed-rate step-up notes due Dec. 15, 2025, according to an FWP with the Securities and Exchange Commission.
The coupon will be 4% for the first five years. After that, the rate will be 4.5% for years six through 10 and 5.5% until maturity. Interest is payable semiannually.
The payout at maturity will be par.
The notes will be callable at par on any interest payment date beginning Dec. 15, 2011.
The notes (Cusip: 48124A3R6) will price on Dec. 10 and settle on Dec. 15.
J.P. Morgan Securities LLC is the underwriter.
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