Wells Fargo to price 10-year floaters with 2% floor and 6% cap

By Jennifer Chiou

New York, June 9 - Wells Fargo & Co. plans to price floating-rate notes due June 30, 2021 linked to Libor, according to a 424B2 filing with the Securities and Exchange Commission.

The coupon will be reset quarterly and will equal Libor plus 100 basis points, up to a maximum rate of 6% and a floor of 2% per year. Interest is payable quarterly.

The payout at maturity will be par.

The notes (Cusip: 94986REG2) will price on June 27 and settle on June 30.

Wells Fargo Securities LLC is the agent.

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