JPMorgan Chase 8-K

Summary

JPMorgan Chase completed an offering of Series PP preferred stock. The new securities carry a 6.100% fixed-rate reset, non-cumulative dividend designation and can restrict distributions or other payments on common and parity or junior preferred stock if the specified preferred dividend or liquidation payment is not made.

Key Figures

• Issuance: 300,000 Series PP preferred shares, represented by 3,000,000 depositary shares; each depositary share represents a one-tenth interest in a preferred share.
• Terms: $10,000 liquidation preference per preferred share. If the most recent period’s dividend is not declared, or the required liquidation distribution is unpaid, restrictions apply to dividends, distributions, redemptions, repurchases, acquisitions and liquidation payments on common and parity or junior preferred stock.