The FINANCIAL -- JPMorgan Chase & Co. on June 9 announced that it had completed the first-ever debt offering co-managed exclusively by a group of U.S. military veteran-owned broker-dealers.
The $1.75 billion subordinated notes offering by JPMorgan Chase was co-managed by Academy Securities, CAVU Securities, Drexel Hamilton, Mischler Financial Group and Multi-Bank Securities. J.P. Morgan Securities LLC was the sole bookrunner of the offering, according to JPMorgan Chase.
The offering priced prior to the Memorial Day holiday on May 21, 2015 and closed on May 29, 2015.
"This transaction is one instance of how JPMorgan Chase is helping veteran-owned businesses grow. This tribute to the men and women who have served our great nation shows that JPMorgan Chase understands the value of doing business with military veterans," said Ron Quigley, Head of Fixed Income Syndicate at Mischler Financial Group.
This transaction builds upon JPMorgan Chase's other programs designed to help position transitioning servicemembers, veterans and their families for success in their post-service lives through initiatives impacting employment, housing, and education and training.
"JPMorgan Chase knows the skills and ethics U.S. military veterans bring to the workplace and their businesses. Helping them gain opportunities makes our communities and company stronger," said Matt Zames, Chief Operating Officer, JPMorgan Chase & Co.
In August of 2012, JPMorgan Chase entered into a four year Mentor-Protégé agreement with Academy Securities under the U.S. Department of the Treasury Mentor-Protégé program. Through this agreement, the firm provided capital to Academy Securities and continues its mentorship by offering training and consultation on overall business and organizational management matters.
The National Veteran-owned Business Association recently named JPMorgan Chase one of the best U.S. corporations committed to working with veteran-owned businesses in 2015, using data and responses from the 2015 Military Friendly® Supplier Diversity survey.