New Issue: Wells Fargo prices $83 million 40-year floaters to yield Libor minus 25 bps

By Andrea Heisinger

Omaha, June 6 - Wells Fargo & Co. priced $83 million 40-year floating-rate notes on Friday at par to yield three-month Libor minus 25 basis points, according to a 424B2 filing with the Securities and Exchange Commission.

The medium-term notes have interest paid quarterly.

The notes are callable beginning June 13, 2038 at 105% and declining 50 bps per year to 100.5 on June 13, 2047.

The notes are putable at 98% annually from June 13, 2009 to June 13, 2013 and at 99% annually from June 13, 2014 to June 13, 2018, then at par on June 13, 2019 and every third year thereafter until June 13, 2046.

Morgan Stanley & Co., Inc. was the agent, with co-agents Deutsche Bank Securities Inc., UBS Investment Bank and Merrill Lynch, Pierce, Fenner & Smith Inc.

The financial services company is based in San Francisco.

Issuer:	Wells Fargo & Co.
Issue:	Floating-rate medium-term notes
Amount:	$83 million
Maturity:	June 12, 2048
Agent:	Morgan Stanley & Co., Inc.
Co-agents:	Deutsche Bank Securities Inc., UBS Investment Bank, Merrill Lynch, Pierce, Fenner & Smith Inc.
Coupon:	Three-month Libor minus 25 bps
Price:	Par
Yield:	Three-month Libor minus 25 bps
Call feature:	Beginning June 13, 2038 at 105% and declining 50 bps per year to 100.5 on June 13, 2047
Put feature:	At 98% annually from June 13, 2009 to June 13, 2013 and at 99% annually from June 13, 2014 to June 13, 2018, then at par on June 13, 2019 and every third year thereafter until June 13, 2046
Trade date:	June 6
Settlement date:	June 13

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