JPMorgan Chase Financial Company LLC (the “Issuer”) announced today that it will redeem all of its outstanding Cushing 30 MLP Index ETNs due June 15, 2037 (the “Redeemed ETNs”) with a CUSIP of 48129G703 (NYSE Arca: PPLN).
Terms used but not defined herein shall have the meanings ascribed to those terms in the market-making supplement dated April 5, 2018 related to the Redeemed ETNs (the “Market-Making Supplement”). fintech news
The Redemption Valuation Date will be January 7, 2020.
The Measurement Period with respect to the Redemption Valuation Date will be the five Index Business Days beginning on the Redemption Valuation Date. This Measurement Period is subject to postponement in the event of a market disruption event.
The Redemption Settlement Date will be the second Business Day after the final day of the Measurement Period with respect to the Redemption Valuation Date, which is expected to be January 15, 2020. Accordingly, the last day of trading for the Redeemed ETNs is expected to be January 14, 2020.
On the Redemption Settlement Date, holders of the Redeemed ETNs will receive a cash payment (the “Payment upon Early Redemption”) equal to the Closing Intrinsic Note Value as of the final day of the Measurement Period with respect to the Redemption Valuation Date, subject to potential adjustments as described in the Market-Making Supplement. Please refer to the Market-Making Supplement for the details of the calculation of this Closing Intrinsic Note Value.
Holders of the Redeemed ETNs will no longer be able to request the Issuer to repurchase their Redeemed ETNs on or after the date hereof.
Other exchange-traded notes, structured notes, debt securities and other securities issued by JPMorgan Chase Financial Company LLC and JPMorgan Chase & Co. are not affected by this redemption.
