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Wells Fargo plans 10-year floating-rate notes with step-up floor, cap
By Susanna Moon
Chicago, July 8 - Wells Fargo & Co. plans to price floating-rate notes due July 31, 2021, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon will be Libor plus 75 basis points. The minimum coupon will be 2% through year four, 3% during years five through seven and 4% after that until maturity. The maximum coupon will be 5% through year four, 6% during years five through seven and 7% after that until maturity. Interest will be payable quarterly.
The payout at maturity will be par.
Wells Fargo Securities, LLC is the agent.
The notes will price on July 26 and settle on July 29.
The Cusip is 94986RET4.
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