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Wells Fargo plans to price five-year fixed-to-floating rate notes
By Toni Weeks
San Diego, May 19 - Wells Fargo & Co. plans to price fixed-to-floating rate notes due May 31, 2016 linked to Libor, according to a 424B2 filing with the Securities and Exchange Commission.
The initial interest rate is 1.75%. Beginning May 31, 2012, the interest rate will be Libor plus 50 basis points, subject to a maximum rate of 5% in each interest period. Interest is payable quarterly.
The payout at maturity will be par.
The notes (Cusip: 94986RDW8) will price May 25 and settle May 31.
Wells Fargo Securities LLC is the agent.
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