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JPMorgan plans 30-year fixed-to-floating notes with 0.5% initial rate
By Tali Rackner
Norfolk, Va., March 10 – JPMorgan Chase Financial Co. LLC plans to price fixed- to floating-rate notes due March 17, 2047, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be guaranteed by JPMorgan Chase & Co.
The coupon will be fixed at 0.5% for the first four years. After that, interest will be Libor minus 25 basis points. Interest will be payable quarterly and cannot be less than zero.
The payout at maturity will be par.
J.P. Morgan Securities LLC is the agent.
The notes will price on March 14 and settle on March 17.
The Cusip number is 46646QR98.
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