By William Gullotti
Buffalo, N.Y., Aug. 12 – JPMorgan Chase Financial Co. LLC priced $1.39 million of callable fixed-to-floating rate notes due June 16, 2028, 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 plus any accrued and unpaid interest on any quarterly interest payment date after one year.
Interest will be fixed at 3% for the first year.
After that, it will be 2.25 times the spread of the 30-year U.S. dollar ICE swap rate minus the five-year U.S. dollar ICE swap rate, up to a maximum rate of 7%. Interest is payable quarterly and cannot be less than 0%.
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.
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| Issue: | Callable fixed-to-floating rate notes
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| Amount: | $1,390,000
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| Underlying rates: | 30-year U.S. Dollar ICE swap rate and five-year U.S. Dollar ICE swap rate
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| Maturity: | June 16, 2028
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| Coupon: | Initially 3%; beginning June 16, 2022, 2.25 times the spread of the 30-year U.S. Dollar ICE swap rate minus the five-year U.S. Dollar ICE swap rate, up to a maximum rate of 7%; payable quarterly, floor of 0%
|
| Price: | Par
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| Payout at maturity: | Par
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| Call: | At the issuer’s option at par plus any accrued and unpaid interest on any quarterly review date after one year
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| Pricing date: | June 14
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| Settlement date: | June 16
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 1.7115%
|
| Cusip: | 48130UWK7
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