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JPMorgan talks five-year cash-settled notes linked to Voya to yield 0% to 0.5%, up 32.5% to 37.5%
By Abigail W. Adams
Portland, Me., Jan. 29 – JPMorgan Chase Financial Co. LLC plans to price an offering of five-year cash-settled convertible notes linked to Voya Financial, Inc. stock after the market close on Tuesday with price talk for a coupon of 0% to 0.5% and an initial conversion premium of 32.5% to 37.5%, according to a market source.
J.P. Morgan Securities LLC is the sole bookrunner for the offering.
The notes will be issued in minimum denominations of $100,000 and integral multiples of $1,000, according to a company release.
The notes are convertible prior to maturity on May 1, 2023 only under certain circumstances, according to the pricing supplement.
The notes are convertible after June 30, 2018 if the product of the stock adjustment factor and current market price of Voya stock is greater than or equal to 130% of the threshold price for 20 out of 30 consecutive trading days.
The notes are also convertible in the five day period following any five consecutive trading days where the trading prices of the notes was less than 98% of the product of the stock adjustment factor and market price of Voya stock multiplied by $1,000 and divided by the threshold price.
Investors who convert their notes prior to maturity will not receive any additional payment for accrued and unpaid interest.
Payment at maturity will be an amount in cash that is equal to the sum of the daily value on each of the 20 relevant valuation dates.
JPMorgan Chase Financial is a subsidiary of JPMorgan Chase & Co., a New York-based banking and financial services holding company.
Voya Financial is a New York, New York-based investment and insurance company.
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