By William Gullotti
Buffalo, N.Y., June 15 – JPMorgan Chase Financial Co. LLC priced $70 million of fixed-to-floating notes due July 12, 2024, 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 7.25% for the first three months.
After that, it will be the one-year U.S. dollar SOFR ICE swap rate plus 45 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
|
| Guarantor: | JPMorgan Chase & Co.
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| Issue: | Fixed-to-floating notes
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| Amount: | $70 million
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| Underlying rate: | one-year U.S. dollar SOFR ICE swap rate
|
| Maturity: | July 12, 2024
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| Coupon: | Initially 7.25%; after three months, one-year U.S. dollar SOFR ICE swap rate plus 45 bps, subject to floor of 0%; payable monthly
|
| Price: | Par
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| Payout at maturity: | Par
|
| Pricing date: | June 8
|
| Settlement date: | June 12
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 0.07%
|
| Cusip: | 48133UAK8
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