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JPMorgan plans 15-year callable range accrual notes on S&P 500, Libor
By Susanna Moon
Chicago, June 15 - JPMorgan Chase & Co. plans to price callable range accrual notes due June 30, 2026 linked to the S&P 500 index and Libor, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon will be Libor plus 450 basis points for the first five years. After that, it will accrue at 10% for each day that Libor is 6.5% or less and the S&P 500 closes above the strike level of 960. Interest is payable quarterly.
The payout at maturity will be par.
The notes will be callable at par on any interest payment date beginning in June 30, 2012.
J.P. Morgan Securities LLC is the underwriter.
The notes will price on June 27 and settle on June 30.
The Cusip is 48125XWK8.
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