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JPMorgan to price fixed-to-floating notes with 3% rate for three years
By Angela McDaniels
Tacoma, Wash., March 7 – JPMorgan Chase & Co. plans to price fixed-to-floating-rate notes due March 22, 2024, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon will be fixed at 3% for the first three years. After that, it will be Libor plus 100 basis points, subject to a minimum interest rate of zero and a maximum interest rate of 4% in years four and five, 4.5% in years six and seven and 5.5% in year eight. Interest will be payable quarterly.
The payout at maturity will be par.
J.P. Morgan Securities LLC is the agent.
The notes will price March 17.
The Cusip number is 48125U2Z4.
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