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Wells Fargo plans to price fixed-to-floaters in two tranches
By Devika Patel
Knoxville, Tenn., May 26 – Wells Fargo & Co. plans to sell senior redeemable fixed-to-floating rate notes in two tranches due June 2024 and June 2028, according to 424B2 filings with the Securities and Exchange Commission.
Interest will accrue at a fixed rate initially, then at a rate based on the SOFR.
The 2024 notes feature a make-whole call until June 2023 and then a par call. The 2028 notes feature a make-whole call until June 2027 and then a par call.
The notes will price in May and settle in June.
Wells Fargo Securities LLC is the bookrunner.
The bank is based in San Francisco.
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