By Angela McDaniels
Tacoma, Wash., May 27 - Wells Fargo & Co. priced $15 million of fixed-to-floating notes due May 28, 2021 linked to the Consumer Price Index, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be 3.5% for the first two years. After that, it will equal the year-over-year change in the index plus 125 basis points, subject to a minimum of zero and a maximum rate of 6.75% per year in each interest period. Interest is payable monthly.
The payout at maturity will be par.
Wells Fargo Securities LLC is the agent.
| Issuer: | Wells Fargo & Co.
|
| Issue: | Fixed-to-floating notes
|
| Underlying index: | Consumer Price Index
|
| Amount: | $15 million
|
| Maturity: | May 28, 2021
|
| Coupon: | Initially 3.5%; after two years, year-over-year change in index plus 125 bps, subject to floor of zero and cap of 6.75%; payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Pricing date: | May 25
|
| Settlement date: | May 31
|
| Underwriter: | Wells Fargo Securities LLC
|
| Fees: | 1.5%
|
| Cusip: | 94986RDV0
|
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