JPMorgan plans variable-rate range accrual notes on Libor, S&P 500

By Susanna Moon

Chicago, May 22 - JPMorgan Chase & Co. plans to price callable variable-rate range accrual notes due June 13, 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 940. 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 after one year.

J.P. Morgan Securities LLC is the agent.

The notes will price on June 8 and settle on June 13. The Cusip number is 48125VYW4.

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