JPMorgan offers callable six-month Libor range accrual notes due 2024

By Susanna Moon

Chicago, Nov. 6 - JPMorgan Chase Bank, NA plans to price callable six-month Libor range accrual notes due Nov. 20, 2024, according to a term sheet.

The coupon will be 6% for the first year, payable quarterly. After that, interest will accrue at an annual rate for each day that six-month Libor is 6% or less, with a floor of 0%. The rate will be 5% from Nov. 20, 2010 to Nov. 20, 2014; 7% from Nov. 20, 2014 to Nov. 20, 2019; and 9% from Nov. 20, 2019 to maturity.

The notes will be callable at par plus accrued interest on any interest payment date from Nov. 20 2010.

If the notes are not called, the payout at maturity will be par.

The notes will settle on Nov. 20.

J.P. Morgan Securities Inc. is the agent.

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