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JPMorgan plans fixed-to-floaters with 3% initial rate, 5.5% cap
By Jennifer Chiou
New York, Feb. 22 - JPMorgan Chase & Co. plans to price fixed-to-floating notes due March 7, 2017, according to an FWP with the Securities and Exchange Commission.
The coupon will be 3% for the first year. After that, it will be Libor plus 115 basis points, with a minimum rate of 1.15% and a maximum rate of 5.5%. Interest is payable quarterly.
The payout at maturity will be par.
The notes (Cusip: 48125VQE3) are expected to price on March 2 and settle on March 7.
J.P. Morgan Securities LLC is the agent.
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