Published on 5/27/2011 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo prices $6.59 million five-year fixed-to-floating-rate notes
By Toni Weeks
San Diego, May 27 - Wells Fargo & Co. priced $6.59 million of 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.
Wells Fargo Securities LLC is the agent.
Issuer: | Wells Fargo & Co.
|
Issue: | Fixed-to-floating-rate notes
|
Amount: | $6,585,000
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Maturity: | May 31, 2016
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Coupon: | Initially 1.75%; beginning May 31, 2012, Libor plus 50 bps up to maximum of 5%; payable quarterly
|
Price: | Par
|
Payout at maturity: | Par
|
Pricing date: | May 25
|
Settlement date: | May 31
|
Agent: | Wells Fargo Securities LLC
|
Fees: | 1%
|
Cusip: | 94986RDW8
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