JPMorgan Chase (JPMorgan) has commenced a cash tender offer for any and all of the following trust preferred securities: Global Floating Rate Capital Securities, Series B issued by Chase Capital II, Floating Rate Preferred Securities issued by First Chicago NBD Capital I, Floating Rate Capital Securities, Series C issued by Chase Capital III, Floating Rate Capital Securities, Series F issued by Chase Capital VI, Floating Rate Capital Securities, Series M issued by JPMorgan Chase Capital XIII, Floating Rate Capital Securities, Series U issued by JPMorgan Chase Capital XXI, Floating Rate Capital Securities and Series W issued by JPMorgan Chase Capital XXIII.
JPMorgan Chase is making the offer to provide liquidity to any holders of the trust preferred securities that wish to dispose of any or all of their securities. The bank has appointed JPMorgan Securities to act as dealer manager for the tender offer, and has retained Global Bondholder Services Corporation to serve as the depositary and information agent.
The bank has claimed that the tender offer is conditioned upon the satisfaction of certain customary conditions described in the Offer to Purchase. The tender offer is not conditioned upon the tender of any minimum principal amount of securities. Subject to applicable law, JPMorgan Chase may, at its sole discretion, waive any condition applicable to the tender offer and may extend it. Under certain conditions and as more fully described in the Offer to Purchase, JPMorgan Chase may terminate the tender offer before the expiration date.
