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JPMorgan Chase to price 20-year step-up notes with 4% initial rate
By Wendy Van Sickle
Columbus, Ohio, Sept. 17 – JPMorgan Chase & Co. plans to price callable step-up notes due Sept. 23, 2035, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be 4% in years one to nine, 4.25% in years 10 to 14, 4.5% in years 14 to 17, 5% in year 18, 6% in year 19 and 7% in year 20. Interest will be payable semiannually.
The payout at maturity will be par.
After seven years, the notes will be callable at par semiannually.
J.P. Morgan Securities LLC is the agent.
The notes will price on Sept. 21 and settle on Sept. 23.
The Cusip number is 48125UY89.
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