By William Gullotti
Buffalo, N.Y., Dec. 1 – JPMorgan Chase Financial Co. LLC priced $1.5 million of floating rate notes due Nov. 30, 2041 with a floating rate based on SOFR, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by JPMorgan Chase & Co.
The interest rate is SOFR minus a spread of 35 basis points, subject to a floor of 0%. Interest is payable quarterly.
Investors will be able to redeem their notes early for $970 per $1,000 principal amount of notes plus accrued and unpaid interest on any annual repurchase date beginning Nov. 30, 2023.
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: | Floating rate notes
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Underlying rate: | SOFR
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Amount: | $1.5 million
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Maturity: | Nov. 30, 2041
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Coupon: | SOFR minus 35 bps, with a 0% floor; payable quarterly
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Price: | Par
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Payout at maturity: | Par
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Put option: | At $970 per $1,000 principal amount of notes plus accrued and unpaid interest on any annual repurchase date starting Nov. 30, 2023
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Pricing date: | Nov. 26
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Settlement date: | Nov. 30
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Agent: | J.P. Morgan Securities LLC
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Fees: | 1%
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Cusip: | 48130UZL2
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