By Angela McDaniels
Tacoma, Wash., July 2 - JPMorgan Chase & Co. priced $5.11 million of range accrual notes due July 3, 2028 linked to six-month Libor and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 6.65% per year multiplied by the proportion of days on which the index closes at or above 1,204.71, which is 75% of the initial index level, and six-month Libor is 6% or less. Interest is payable quarterly.
The payout at maturity will be par.
Beginning July 3, 2018, the notes will be redeemable at par on any interest payment date.
J.P. Morgan Securities LLC is the agent. Distribution is through Morgan Stanley Smith Barney LLC.
The issuer said it may increase the issue size prior to the settlement date but is not required to do so.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Range accrual notes
|
| Underlyings: | Six-month Libor, S&P 500
|
| Amount: | $5,114,000
|
| Maturity: | July 3, 2028
|
| Coupon: | 6.65% per year multiplied by proportion of days on which index closes at or above index reference level and six-month Libor is 6% or less; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Call option: | At par on any interest payment date from July 3, 2018 onward
|
| Index reference level: | 1,204.71, 75% of initial index level
|
| Pricing date: | June 28
|
| Settlement date: | July 3
|
| Agent: | J.P. Morgan Securities LLC
|
| Distribution: | Morgan Stanley Smith Barney LLC
|
| Fees: | 3%
|
| Cusip: | 48126DX61
|
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