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Wells Fargo plans five-year fixed-to-floaters with 2% initial rate
By Jennifer Chiou
New York, Feb. 4 - Wells Fargo & Co. plans to price fixed-to-floating notes due March 2016, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be 2% for the first year. Beginning in March of 2012, the interest rate will be Libor plus 50 basis points, subject to a cap of 6% per year in each interest period. Interest is payable quarterly.
The payout at maturity will be par.
The notes (Cusip: 94986RCY5) will price and settle in March.
Wells Fargo Securities, LLC is the agent.
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