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JPMorgan plans 15-year callable step-up notes with 3.75% initial rate
By Angela McDaniels
Tacoma, Wash., Oct. 18 - JPMorgan Chase & Co. plans to price callable fixed-rate step-up notes due Oct. 28, 2026, according to an FWP filing with the Securities and Exchange Commission.
The interest rate will be 3.75% in years one through five, 4% in years six and seven, 4.25% in years eight and nine, 5% in years 10 and 11, 7% in years 12 and 13 and 10% in years 14 and 15. Interest is payable semiannually.
The payout at maturity will be par.
Beginning Oct. 28, 2012, the notes will be callable at par on any interest payment date.
The notes (Cusip: 48125VBV1) are expected to price Oct. 25 and settle Oct. 28.
J.P. Morgan Securities LLC is the agent. It will use its commission to allow selling concessions to Morgan Stanley Smith Barney LLC.
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