New Issue: JPMorgan prices $3 million variable-rate range accrual notes tied to Libor, S&P 500

By Susanna Moon

Chicago, April 12 - JPMorgan Chase & Co. priced $3 million of callable variable-rate range accrual notes due April 13, 2027 linked to Libor and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The coupon will be 9% for the first year. After that, interest will accrue at an annualized rate for each day that the S&P 500 is at least 950. The interest factor is (a) 1.25 times (b) 7.2% annualized minus Libor, up to a maximum of rate of 9%. Interest is payable quarterly and cannot be less than zero.

The payout at maturity will be par.

The notes will be redeemable at par on any interest payment date after one year.

J.P. Morgan Securities LLC is the agent.

Issuer:	JPMorgan Chase & Co.
Issue:	Callable variable-rate range accrual notes
Underlying index:	S&P 500 index
Amount:	$3 million
Maturity:	April 13, 2027
Coupon:	9% initially; beginning April 13, 2013, for each day that index closes at or above 950, interest factor of (a) 1.25 times (b) 7.2% annualized minus Libor, floor of zero and capped at 9%; payable quarterly
Price:	Variable
Payout at maturity:	Par
Call option:	At par on any interest payment date beginning April 13, 2013
Pricing date:	April 10
Settlement date:	April 13
Agent:	J.P. Morgan Securities LLC
Fees:	7.5%, including 4% for selling concessions
Cusip:	48125VUF5

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