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JPMorgan Chase Capital XXVIII, 7.20% Fixed-to-Float Capital Sec., Series BB
Ticker Symbol: JPM-B** CUSIP: 48124Y204 Exchange: NYSE
* NOTE: This security is no longer trading as of 7/12/2012
Security has been Called for: Thursday, July 12, 2012
JUNE 11, 2012 -- Following the Federal Reserve's announcement on June 7, 2012 of proposed rules which will implement the phase-out of Tier 1 capital treatment for trust preferred capital securities, JPMorgan Chase & Co. announced today that nine trusts (including JPMorgan Chase Capital XXVIII) will redeem all of the issued and outstanding trust preferred capital securities on July 12, 2012 pursuant to redemption provisions relating to the occurrence of a "Capital Treatment Event" (as defined in the documents governing those securities). In each case, the redemption price will be 100% of the liquidation amount of the trust preferred capital security, together with accrued and unpaid distributions to the redemption date. The redemptions will be funded with available cash. ____________ This security is possibly subject to an early call as a result of the occurrence of a capital treatment event (see prospectus for further information) stemming from the provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act which no longer allows the company to include the funds originating from this security as Tier 1 capital on their balance sheet.
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QUANTUMONLINE.COM SECURITY DESCRIPTION: JPMorgan Chase Capital XXVIII, Fixed-to-Floating Rate Capital Securities, Series BB, liquidation amount $25 per share, guaranteed by JPMorgan Chase & Co. (NYSE: JPM) (See our definition of Guaranteed in our Glossary of Income Investing Terms for the technicalities of the guarantee), redeemable at the issuer's option on or after 12/22/2014 at $25 per share plus accrued and unpaid dividends, and maturing 12/22/2039. Cumulative distributions of 7.20% ($1.80) per annum are paid quarterly on 3/22, 6/22, 9/22 & 12/22 prior to 12/22/2014 to holders of record on the record date which is two business days prior to the payment date while the securities remain in book-entry form (NOTE: the ex-dividend date is at least 2 business days prior to the record date). On and after 12/22/2014, dividends will be paid at a floating rate equal to the three-month LIBOR plus 4.46%. Dividends paid by trust preferred securities are derived from interest paid to the underlying debt securities and therefore are NOT eligible for the 15% tax rate on dividends and are also NOT eligible for the dividend received deduction for corporate holders. The company has the right, at any time, to defer dividend payments for up to 20 consecutive quarters (but not beyond the maturity date). The trust's assets consist of the Junior Subordinated Deferrable Interest Debentures due 12/22/2039 with the same payment terms as the capital securities which were purchased from the company using the funds generated from the sale of the trust preferred securities. See the IPO prospectus for further information on the trust preferred securities by clicking on the ‘Link to IPO Prospectus’ provided below.
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Go to Parent Company's Record (JPM)
IPO - 12/18/2009 - 60.00 Million Shares @ $25.00/share.
Link to IPO Prospectus
Market Value $1.5 Billion
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Company's Online Information Links
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| Company's Online SEC EDGAR Filings |
| Company's Email Address Links |
| Address and Phone Numbers |
| Address: 270 Park Avenue, New York, NY 10017 |
| Main Phone Number |
212-270-6000 |
| Fax Number |
212-752-4823 |
| Investor Relations
Lauren Tyler
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212-270-7325
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| Toll Free Phone Number |
866-576-3228 |
| CEO - James Dimon |
CFO - Michael J. Cavanagh |
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