By Toni Weeks
San Diego, Nov. 30 - JPMorgan Chase & Co. priced $3 million of fixed-to-floating notes due Dec. 1, 2014, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 1.5% for the first year. After that it will be equal to Libor plus 80 basis points, subject to a maximum interest rate of 4% in each period.
Interest is payable quarterly and cannot be less than zero.
The payout at maturity will be par.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Fixed-to-floating notes
|
| Amount: | $3 million
|
| Maturity: | Dec. 1, 2014
|
| Coupon: | Initially 1.5%; beginning Dec. 1, 2012, Libor plus 80 bps, with a floor of zero and cap of 4%; payable quarterly
|
| Price: | Variable
|
| Payout at maturity: | Par
|
| Pricing date: | Nov. 28
|
| Settlement date: | Dec. 1
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 1.205%, including 0.5% for selling concessions
|
| Cusip: | 48125VBR0
|
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