By Marisa Wong
Madison, Wis., April 28 - Wells Fargo & Co. priced $15.33 million of fixed-to-floating notes due April 30, 2021 linked to the Consumer Price Index, according to a 424B2 with the Securities and Exchange Commission.
The coupon will be 4% for the first two years. After that, the rate will be equal to the year-over-year change in the Consumer Price Index plus 150 basis points, subject to a maximum interest rate of 7%.
Interest is payable and reset monthly and cannot be less than zero.
The payout at maturity will be par plus the final interest payment.
Wells Fargo Securities, LLC is the agent.
| Issuer: | Wells Fargo & Co.
|
| Issue: | Fixed-to-floating notes
|
| Underlying index: | Consumer Price Index
|
| Amount: | $15,326,000
|
| Maturity: | April 30, 2021
|
| Coupon: | 4% for the first two years; after that, the year-over-year change in the CPI plus 150 bps, capped at 7%
|
| Price: | Par
|
| Payout at maturity: | Par plus final interest payment
|
| Pricing date: | April 26
|
| Settlement date: | April 29
|
| Agent: | Wells Fargo Securities, LLC
|
| Fees: | 2%
|
| Cusip: | 94986RDL2
|
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