By William Gullotti
Buffalo, N.Y., Feb. 5 – JPMorgan Chase Financial Co. LLC priced $3.5 million of callable fixed-to-floating rate notes due Jan. 31, 2029, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be guaranteed by JPMorgan Chase & Co.
Interest will be fixed at 8% for the first two years.
After that, it will be 1.5 times the spread of 7% minus compounded SOFR. Interest is payable quarterly and cannot be less than 0%.
The notes are callable at par plus any accrued and unpaid interest on any quarterly interest payment date after two years.
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
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| Amount: | $3.5 million
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| Underlying rate: | SOFR
|
| Maturity: | Jan. 31, 2029
|
| Coupon: | Initially 8%; beginning Jan. 31, 2026, 1.5 times the spread of 7% minus compounded SOFR; payable quarterly, 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 two years
|
| Pricing date: | Jan. 29
|
| Settlement date: | Jan. 31
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 4.2214%
|
| Cusip: | 48130CFL4
|
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