Chicago, Dec. 8 – JPMorgan Chase Financial Co. LLC priced $710,000 of callable fixed-to-floating rate notes due March 31, 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 plus any accrued and unpaid interest on any quarterly interest payment date after one year.
Interest will be fixed at 5% for the first year.
After that, it will be five times the spread of the 30-year U.S. dollar ICE swap rate minus the five-year U.S. dollar ICE swap rate minus 25 basis points, 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.
|
| Issue: | Callable fixed-to-floating rate notes
|
| Amount: | $710,000
|
| Underlying rates: | 30-year U.S. Dollar ICE swap rate and five-year U.S. Dollar ICE swap rate
|
| Maturity: | March 31, 2031
|
| Coupon: | Initially 5%; beginning March 31, 2022, five times the spread of the 30-year U.S. Dollar ICE swap rate minus the five-year U.S. Dollar ICE swap rate minus 25 bps, up to a maximum rate of 7%; payable monthly, floor of 0%
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Call: | At the issuer’s option at par plus any accrued and unpaid interest on any quarterly review date after one year
|
| Pricing date: | March 29
|
| Settlement date: | March 31
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 2.4923%
|
| Cusip: | 48130UVJ1
|
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