By William Gullotti
Buffalo, N.Y., Aug. 25 – JPMorgan Chase Financial Co. LLC priced $25 million of fixed-to-floating notes due Sept. 25, 2023, 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 4% for the first six months.
After that, it will be the two-year U.S. dollar SOFR ICE swap rate plus 30 basis points. Interest is payable monthly 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: | $25 million
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| Underlying rate: | two-year U.S. dollar SOFR ICE swap rate
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| Maturity: | Sept. 25, 2023
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| Coupon: | Initially 4%; after six months, two-year U.S. dollar ICE swap rate plus 30 bps, subject to floor of 0%; payable monthly
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| Price: | Par
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| Payout at maturity: | Par
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| Pricing date: | Aug. 22
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| Settlement date: | Aug. 24
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 0.21%
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| Cusip: | 48133MAK6
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