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JPMorgan Announces Extension of Exchange Offer Relating to Its Alerian MLP Index ETNs

JPMorgan-Announces-Extension-of-Exchange-Offer-Relating-to-Its-Alerian-MLP-Index-ETNs

“The Exchange Offer was previously scheduled to expire at 5:00 p.m. on April 17, 2024 and will instead expire at 5:00 p.m. on May 8, 2024, unless further extended or early terminated by JPMorgan Financial.”

JPMorgan Chase & Co. (“JPMorgan Chase” or the “Firm”) and JPMorgan Chase Financial Company LLC (“JPMorgan Financial”) announced today that they have extended the expiration date for JPMorgan Financial’s previously announced offer to exchange (the “Exchange Offer”) its Alerian MLP Index ETNs due January 28, 2044 (CUSIP: 48133Q309) (the “New Notes” ) for any and all outstanding Alerian MLP Index ETNs due May 24, 2024 (CUSIP: 46625H365) issued by JPMorgan Chase (the “Old Notes” and together with the New Notes, the “Alerian ETNs”). All payments of principal, interest and other amounts payable on the New Notes will be fully and unconditionally guaranteed by JPMorgan Chase (the “Guarantees”). The Old Notes are listed on NYSE Arca, Inc. (“NYSE Arca”) under the ticker symbol “AMJ.” The New Notes are listed on NYSE Arca under the ticker symbol “AMJB.”

The Exchange Offer was previously scheduled to expire at 5:00 p.m. (New York City time) on April 17, 2024 and will instead expire at 5:00 p.m. (New York City time) on May 8, 2024 (the “Expiration Deadline”), unless further extended or early terminated by JPMorgan Financial, in which case notification to that effect will be given by or on behalf of JPMorgan Financial in accordance with the Prospectus. The expected settlement date for the Exchange Offer will be May 13, 2024.

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Except as described in this press release, all other terms of the Exchange Offer remain unchanged.

A Registration Statement on Form S-4 relating to the issuance of the New Notes and the Guarantees pursuant to the Exchange Offer has been filed with the Securities and Exchange Commission and has been declared effective as of February 6, 2024. The Exchange Offer is being made on the terms and subject to the conditions and restrictions set out in the amended and restated prospectus dated April 15, 2024 (the “Prospectus”). Capitalized terms used and not otherwise defined in this announcement have the meanings given in the Prospectus.

The Old Notes mature on May 24, 2024. The Exchange Offer gives existing holders of the Old Notes (“Noteholders”) an opportunity to exchange their Old Notes for New Notes, which mature on January 28, 2044. The New Notes provide similar exposure to the Alerian MLP Index® (the “Index”) as the Old Notes, subject to the terms and conditions set forth in the Prospectus.

Noteholders must validly tender (and not validly withdraw) their Old Notes prior to the Expiration Deadline (as extended) if they wish to participate in the Exchange Offer. If a Noteholder has already validly tendered and not withdrawn its Old Notes, such Noteholder is not required to take any further action with respect to such Old Notes and such tender constitutes a valid tender for purposes of the Exchange Offer, as amended hereby. JPMorgan Financial reserves the right to withdraw or terminate the Exchange Offer if any of the conditions set out in the Prospectus are not satisfied and to extend or amend the terms and conditions of the Exchange Offer at any time for any reason.

As of 5:00 p.m., New York City time, on April 12, 2024, approximately 1,442,470 Old Notes had been validly tendered and not validly withdrawn pursuant to the Exchange Offer.

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