Published on 3/2/2011 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo prices $20 million five-year fixed-to-floating notes
By Toni Weeks
San Diego, March 2 - Wells Fargo & Co. priced $20 million of fixed-to-floating-rate notes due March 7, 2016 linked to Libor, according to a 424B2 filing with the Securities and Exchange Commission.
The initial interest rate is 2%. Beginning March 7, 2012, the interest rate will be Libor plus 50 basis points, subject to a maximum of 6% in each interest period. Interest is payable quarterly.
The payout at maturity will be par.
Wells Fargo Securities LLC is the agent.
| Issuer: | Wells Fargo & Co.
|
| Issue: | Fixed-to-floating-rate notes
|
| Amount: | $20 million
|
| Maturity: | March 7, 2016
|
| Coupon: | Initially 2%; beginning March 7, 2016, Libor plus 50 bps, maximum of 6%; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Pricing date: | Feb. 28
|
| Settlement date: | March 7
|
| Agent: | Wells Fargo Securities LLC
|
| Fees: | 1%
|
| Cusip: | 94986RCY5
|
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