JPMorgan Chase & Co. (NYSE: JPM) has announced that on September 10, 2018, BANK ONE Capital III will be liquidated, the 8.750% Preferred Securities (the “Trust Preferred Securities”) and the 8.750% Common Securities (the “Trust Common Securities”) issued by BANK ONE Capital III will be cancelled, and the 8.750% Junior Subordinated Deferrable Interest Debentures due September 1, 2030 (the “Debentures”) issued by JPMorgan Chase & Co. (as successor to Bank One Corporation) and currently held by BANK ONE Capital III will be distributed pro rata to the holders of the Trust Preferred Securities and Trust Common Securities, all in accordance with the declaration of trust of BANK ONE Capital III.
On the Liquidation Date, each $1,000 in liquidation amount of the Trust Preferred Securities will be exchanged for $1,000 principal amount of the Debentures, and the principal amount of the Debentures that is distributed to JPMorgan Chase & Co., as the holder of Trust Common Securities, will be extinguished.
The following table sets forth information concerning the Trust Preferred Securities that will be cancelled, and the corresponding Debentures that will be exchanged for those Trust Preferred Securities, on the Liquidation Date.
|Trust Preferred Securities||CUSIP||Junior Subordinated Debentures||CUSIP|
|BANK ONE Capital III 8.750% Preferred Securities||06423KAA9||JPMorgan Chase & Co. 8.750% Junior Subordinated Deferrable Interest Debentures||06423AAJ2|
No action by the holders of the Trust Preferred Securities is required in order to effect the cancellation of the Trust Preferred Securities and the distribution of the Debentures. The exchange of the Trust Preferred Securities for the Debentures will be effected by The Bank of New York Mellon, as the institutional trustee for BANK ONE Capital III and as the trustee under the indenture pursuant to which the Debentures were issued, through the facilities and following the procedures of The Depository Trust Company.
The next scheduled interest payment on the Debentures after the Liquidation Date will include any accrued and unpaid distributions on the Trust Preferred Securities.