By Wendy Van Sickle
Columbus, Ohio, Sept. 1 – JPMorgan Chase Financial Co LLC priced $50 million of fixed-to-floating rate notes due Sept. 30, 2024, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly. The interest rate is 7.35% per year for the first three months. After that, it will be the one-year U.S. dollar SOFR ICE swap rate plus 20 basis points, subject to a minimum interest rate of zero.
The payout at maturity will be par plus any accrued interest.
The notes are guaranteed by JPMorgan Chase & Co.
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 rate notes
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| Amount: | $50 million
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| Maturity: | Sept. 30, 2024
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| Price: | Par
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| Coupon: | 7.35% per year for first three months; after that, one-year U.S. dollar SOFR ICE swap rate plus 20 bps with floor of zero, payable monthly
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| Payout at maturity: | Par plus any interest
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| Pricing date: | Aug. 28
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| Settlement date: | Aug. 30
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| Underwriter: | J.P. Morgan Securities LLC
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| Fees: | 0.06%
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| Cusip: | 48133WH43
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