NEW YORK--(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.
