By Susanna Moon
Chicago, Nov. 3 – JPMorgan Chase & Co. priced $2.54 million of callable range accrual notes due Oct. 31, 2029 linked to the S&P 500 index and six-month Libor, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will accrue at an annualized rate for each day that the index closes at or above the 75% barrier level and Libor is equal to or less than the reference rate. Interest is payable quarterly.
Interest will accrue at 5% for the first five years, stepping up to 8% for years six through 10 and to 11% after that; the reference rate must be less than or equal to 4.5% initially, stepping up to 5% for years six through 10 and to 6% after that.
The payout at maturity will be par.
The notes will be callable at par on any interest payment date after one year.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
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| Issue: | Callable range accrual notes
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| Underlyings: | S&P 500 index and six-month Libor
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| Amount: | $2,538,000
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| Maturity: | Oct. 31, 2029
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| Coupon: | For each day that index closes at or above barrier level and Libor is at or below the reference rate, accrual at 5% for the first five years, stepping up to 8% for years six through 10 and to 11% after that; reference rate must be less than or equal to 4.5% initially, stepping up to 5% for years six through 10 and to 6% after that; payable quarterly
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| Price: | Par
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| Payout at maturity: | Par
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| Call option: | At par on any interest payment date beginning Oct. 31, 2015
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| Reference level: | 1,488.7875, 75% of initial level
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| Pricing date: | Oct. 28
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| Settlement date: | Oct. 31
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 3%
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| Cusip: | 48127DNW4
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