By Marisa Wong
Madison, Wis., March 29 - JPMorgan Chase & Co. priced $3 million of callable variable-rate range accrual notes due March 30, 2027 linked to Libor and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly. The interest rate is 9% for the first year. Beginning March 30, 2013, the interest rate will be the interest factor multiplied by the proportion of days on which the closing level of the S&P 500 is at least 835. The interest factor is (a) 1.25 times (b) 7% per year minus Libor, subject to a minimum of zero and a maximum of 8.75% per year.
The payout at maturity will be par.
Beginning March 30, 2013, the notes will be redeemable at par on any interest payment date.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Callable variable-rate range accrual notes
|
| Underlyings: | Libor and S&P 500 index
|
| Amount: | $3 million
|
| Maturity: | March 30, 2027
|
| Coupon: | 9% for first year; beginning March 30, 2013, interest factor multiplied by proportion of days on which S&P 500 closes at or above 835; interest factor is (a) 1.25 times (b) 7% per year minus Libor, subject to minimum of zero and maximum of 8.75% per year
|
| Price: | Variable
|
| Payout at maturity: | Par
|
| Call option: | At par on any interest payment date after one year
|
| Pricing date: | March 27
|
| Settlement date: | March 30
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 7.75%, including 4.5% for selling concessions
|
| Cusip: | 48125VUC2
|
© 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.
