By Devika Patel
Knoxville, Tenn., May 26 – JPMorgan Chase Financial Co. LLC priced $704,000 of callable contingent interest notes due May 26, 2023 linked to the least performing of the S&P 500 index and the Russell 2000 index, according to a 424B2 filed with the Securities and Exchange Commission.
The notes are guaranteed by JPMorgan Chase & Co.
Each quarter, the notes will pay a contingent coupon at an annual rate of 6.3% if each index closes at or above its interest barrier level, 60% of its initial level, on the review date for that quarter.
The notes may be called at par plus the coupon in whole but not in part beginning on May 29, 2018 on any interest payment date other than the final one.
If the notes have not been called, the payout at maturity will be par plus the coupon unless either index finishes below its trigger level, 70% of its initial level, in which case investors will lose 1% for every 1% decline of the worst performing index from its initial level.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase Financial Co. LLC
|
| Guarantor: | JPMorgan Chase & Co.
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| Issue: | Callable contingent interest notes
|
| Underlying indexes: | S&P 500, Russell 2000
|
| Amount: | $704,000
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| Maturity: | May 26, 2023
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| Coupon: | Notes pay quarterly contingent coupon at annual rate of 6.3% if each index closes at or above interest barrier on review date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par plus coupon unless either index finishes below 70% of its initial value, in which case 1% loss for every 1% decline of worst-performing index from initial level
|
| Call: | At par plus coupon on any quarterly review date other than final one beginning on May 29, 2018
|
| Initial levels: | 2,381.73 for S&P 500, 1,367.33 for Russell 2000
|
| Interest barriers: | 1,429.038 for S&P 500, 820.398 for Russell 2000; 60% of initial levels
|
| Trigger levels: | 1,667.211 for S&P 500, 957.131 for Russell 2000; 70% of initial levels
|
| Pricing date: | May 19
|
| Settlement date: | May 26
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 3.5%
|
|
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| Cusip: | 46647MCP6
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