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JPMorgan Chase Capital XXIV, 6.875% Capital Securities, Series X
Ticker Symbol: JPM-W* CUSIP: 48123W209 Exchange: NYSE
* NOTE: This security is no longer trading as of 5/08/2013
Security has been Called for: Wednesday, May 8, 2013
NEW YORK, APRIL 8, 2013 - JPMORGAN CHASE ANNOUNCES REDEMPTION OF APPROXIMATELY $5 BILLION IN AGGREGATE AMOUNT OF OUTSTANDING TRUST PREFERRED CAPITAL SECURITIES. JPMorgan Chase & Co. (NYSE: JPM) announced today that each of the trusts will redeem all of the issued and outstanding trust preferred capital securities on May 8, 2013 pursuant to the optional redemption provisions provided in the documents governing such Trust Preferred Securities. In each case, the redemption price will be 100% of the liquidation amount of each Trust Preferred Security, together with accrued and unpaid distributions to the redemption date. The redemptions will be funded with available cash.
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QUANTUMONLINE.COM SECURITY DESCRIPTION: JPMorgan Chase Capital XXIV, 6.875% Capital Securities, Series X, liquidation amount $25 per share, guaranteed by J.P. Morgan Chase (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 8/1/2012 at $25 per share plus accrued and unpaid dividends, and maturing 8/1/2047, which may be extended to 8/1/2077. Cumulative distributions of 6.875% ($1.71875) per annum are paid quarterly on 2/1, 5/1, 8/1 & 11/1 to holders of record on the record date one business day 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). Dividends paid by trust preferred securities 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 40 consecutive quarters without giving rise to an event of default (but not beyond the maturity date) and up to 20 consecutive quarters before the alternative payment mechanism takes effect. The trust's assets consist of the 6.875% Capital Efficient Notes (CENts) due 8/1/2047, which may be extended to 8/1/2077, which were purchased from the company using the funds generated from the sale of the capital securities. See the IPO prospectus for further information on the capital securities and the CENts by clicking on the ‘Link to IPO Prospectus’ provided below.
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Go to Parent Company's Record (JPM)
IPO - 7/27/2007 - 26.00 Million Shares @ $25.00/share.
Link to IPO Prospectus
Previous Ticker Symbol: JPGTP Changed: 8/10/2007
Market Value $650.0 Million
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
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212-270-7325
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Toll Free Phone Number |
866-576-3228 |
CEO - James Dimon |
CFO - Douglas L. Braunstein |
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