JPMorgan Chase Financial Company LLC Announces Pricing of Cash-Settled Equity Linked Notes Linked to the Common Stock of Voya...
April 24 2018 - 4:30PM
Business Wire
JPMorgan Chase Financial Company LLC (the “Issuer”) today
announces the pricing of its offering of $600 million of
cash-settled equity linked notes linked to the common stock of Voya
Financial, Inc. (“Voya”) due May 1, 2023 (the “Notes”). The Notes
are being sold in a private offering to qualified institutional
buyers pursuant to Rule 144A under the Securities Act of 1933, as
amended (the “Securities Act”). JPMorgan Chase & Co. will fully
and unconditionally guarantee the Issuer’s obligations under the
Notes.
The Notes will bear interest at a rate of 0.25% per year,
payable semiannually in arrears on May 1 and November 1 of each
year, beginning November 1, 2018 and will mature on May 1, 2023
unless earlier converted (for cash) at the option of the holder.
The Notes will be cash-settled only at maturity or upon early
conversion. The amount of cash payable at maturity or upon early
conversion will be based on the volume-weighted average price of
the common stock of Voya.
The threshold price (the “Threshold Price”) of the Notes will be
set at a 30% premium to the initial reference price (the “Initial
Reference Price”) of the Notes, which will equal the arithmetic
average of the volume-weighted average prices of one share of Voya
common stock over the five consecutive trading days beginning on,
and including, April 25, 2018. The Threshold Price and Initial
Reference Price are expected to be announced after the end of the
five trading day period.
The Notes will be issued with minimum purchase amounts of
$100,000 and in denominations of $1,000 and integral multiples of
$1,000 in excess thereof at an issue price of 100% of the principal
amount. Settlement and delivery of the Notes is expected to take
place on May 2, 2018.
J.P. Morgan Securities LLC acted as Sole Bookrunner.
The Notes have not been and will not be registered under the
Securities Act or applicable state securities laws, and may not be
offered or sold in the United States absent registration or an
applicable exemption from the registration requirements of the
Securities Act and applicable state securities laws.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy the Notes, nor shall there be any
sale of the Notes in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful.
About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global
financial services firm with assets of $2.6 trillion and operations
worldwide. The Firm is a leader in investment banking, financial
services for consumers and small businesses, commercial banking,
financial transaction processing, and asset management. A component
of the Dow Jones Industrial Average, JPMorgan Chase & Co.
serves millions of customers in the United States and many of the
world's most prominent corporate, institutional and government
clients under its J.P. Morgan and Chase brands. Information about
JPMorgan Chase & Co. is available at www.jpmorganchase.com.
Investment suitability must be determined individually for each
investor, and the Notes may not be suitable for all investors. This
information is not intended to provide and should not be relied
upon as providing accounting, legal, regulatory or tax advice.
Investors should consult with their own advisors as to these
matters.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20180424006564/en/
JPMorgan Chase & Co.Jessica Francisco,
212-270-1719Jessica.francisco@jpmorgan.com
JP Morgan Chase (NYSE:JPM)
Historical Stock Chart
From Mar 2024 to Apr 2024
JP Morgan Chase (NYSE:JPM)
Historical Stock Chart
From Apr 2023 to Apr 2024