By Wendy Van Sickle
Columbus, Ohio, June 7 – JPMorgan Chase Financial Co. LLC priced $14.98 million of callable fixed-to-floating notes due May 28, 2031, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be guaranteed by JPMorgan Chase & Co.
The notes are callable at par on any quarterly interest payment date starting May 28, 2022.
Interest will be fixed at 4% for the first year.
After that, it will be three times the spread of the 30-year U.S. dollar ICE swap rate over the five-year U.S. dollar ICE swap rate, up to a maximum rate of 8%. Interest is payable quarterly and cannot be less than 1%.
The payout at maturity will be par.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase Financial Co. LLC
|
| Guarantor: | JPMorgan Chase & Co.
|
| Issue: | Callable fixed-to-floating notes
|
| Amount: | $14,975,000
|
| Underlying rates: | 30-year U.S. Dollar ICE swap rate and five-year U.S. Dollar ICE swap rate
|
| Maturity: | May 28, 2031
|
| Coupon: | Initially 4%; beginning May 7, 2022, three times the spread of the 30-year U.S. Dollar ICE swap rate over the five-year U.S. Dollar ICE swap rate, up to a maximum rate of 8%; payable quarterly, floor of 1%
|
| Call option: | On any interest payment date starting May 28, 2022
|
| Price: | Variable
|
| Payout at maturity: | Par
|
| Pricing date: | May 26
|
| Settlement date: | May 28
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 1.6064%
|
| Cusip: | 48130UWD3
|
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