By Jennifer Chiou
New York, April 27 - JPMorgan Chase & Co. priced $3 million of callable variable-rate range accrual notes due April 30, 2027 linked to six-month Libor and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon will be 9% for the first year. After that, interest will accrue at an annualized rate for each day that the S&P 500 closes at or above 950. The interest factor is (a) 1.25 times (b) 7% annualized minus six-month Libor, up to a maximum rate of 8.75%. Interest is payable quarterly and cannot be less than zero.
The payout at maturity will be par.
The notes are redeemable on any interest payment date beginning on April 30, 2013.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Callable variable-rate six-month Libor and S&P 500 index range accrual notes
|
| Amount: | $3 million
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| Maturity: | April 30, 2027
|
| Coupon: | 9% for first year; then at an annualized rate for each day that S&P 500 closes at or above 950; interest factor is (a) 1.25 times (b) 7% annualized minus six-month Libor, up to a maximum rate of 8.75% with floor of zero; payable quarterly
|
| Price: | Variable
|
| Payout at maturity: | Par
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| Call option: | At par on interest payment dates beginning on April 30, 2013
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| Pricing date: | April 25
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| Settlement date: | April 30
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| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 7.5%, including 4% for selling concessions
|
| Cusip: | 48125VUH1
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