By Toni Weeks
San Diego, Aug. 29 - JPMorgan Chase & Co. priced $5.5 million of fixed-to-floating notes due Aug. 30, 2021, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 3% for the first three years. After that it will be equal to Libor plus 125 basis points, subject to a maximum rate of 7% in each period.
Interest is payable quarterly and cannot be less than zero.
The payout at maturity will be par.
J.P. Morgan Securities LLC is the agent.
Issuer: | JPMorgan Chase & Co.
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Issue: | Fixed-to-floating notes
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Amount: | $5.5 million
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Maturity: | Aug. 30, 2021
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Coupon: | Initially 3%; beginning Aug. 30, 2014, Libor plus 150 bps, with a maximum rate of 7% and floor of 0%; payable quarterly
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Price: | Par
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Payout at maturity: | Par
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Pricing date: | Aug. 25
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Settlement date: | Aug. 30
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Agent: | J.P. Morgan Securities LLC
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Fees: | 2.25%, used for selling concessions
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Cusip: | 48125XQ74
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