By William Gullotti
Buffalo, N.Y., Aug. 30 – JPMorgan Chase Financial Co. LLC priced $2.9 million of fixed-to-floating notes due June 22, 2028, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by JPMorgan Chase & Co.
Interest will be fixed at 2% for the first year.
After that, it will be compounded SOFR plus 0.35%, up to a maximum rate of 4%. 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
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| Guarantor: | JPMorgan Chase & Co.
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| Issue: | Fixed-to-floating notes
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| Amount: | $2.9 million
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| Underlying rates: | SOFR
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| Maturity: | June 22, 2028
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| Coupon: | Initially 2%; beginning June 22, 2022, compounded SOFR plus 0.35%, up to a maximum rate of 4%, floor of 0%; payable quarterly
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| Price: | Par
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| Payout at maturity: | Par
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| Pricing date: | June 18
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| Settlement date: | June 22
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 0.7%
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| Cusip: | 48128G3Y4
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