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JPMorgan plans range accrual notes linked to six-month Libor, Russell
By Angela McDaniels
Tacoma, Wash., Feb. 21 - JPMorgan Chase & Co. plans to price range accrual notes due March 14, 2022 linked to six-month Libor and the Russell 2000 index, according to an FWP filing with the Securities and Exchange Commission.
The interest rate is 6% per year multiplied by the proportion of days on which six-month Libor is 6% or less and the closing level of the Russell 2000 is at least 670. Interest is payable quarterly.
The payout at maturity will be par.
Beginning March 14, 2013, the notes will be redeemable at par on any interest payment date.
The notes (Cusip: 48125VLK4) are expected to price March 9 and settle March 14.
J.P. Morgan Securities LLC is the agent.
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