JPMorgan plans callable range variable-rate accrual notes on Russell

By Susanna Moon

Chicago, Jan. 18 - JPMorgan Chase & Co. plans to price callable variable-rate range accrual notes due Jan. 30, 2028 linked to six-month Libor and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.

The coupon will be 8% for the first year. After that, it will accrue at 1.25 times the strike rate less six-month Libor, up to a maximum rate, for each day that the index closes at or above the 75% trigger level.

The strike rate will be 5.5% from Jan. 30, 2014 to Jan. 30, 2018, stepping to 6% from Jan. 30, 2018 to Jan. 30, 2023 and to 6.5% from Jan. 30, 2023 to Jan. 30, 2028. The rate will be capped at 6.875% from Jan. 30, 2014 to Jan. 30, 2018, stepping to 7.5% from Jan. 30, 2018 to Jan. 30, 2023 and to 8.125% from Jan. 30, 2023 to Jan. 30, 2028.

Interest is payable quarterly and cannot be less than zero.

The payout at maturity will be par.

The notes are callable on any quarterly interest payment date after one year.

J.P. Morgan Securities LLC is the agent.

The notes will be price on Jan. 25 and settle on Jan. 30.

The Cusip number is 48126DMF3.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.