New Issue: Wells Fargo prices $10 million 10-year floaters with step-up floor, cap

By Toni Weeks

San Diego, July 28 - Wells Fargo & Co. priced $10 million of floating-rate notes due July 31, 2021, according to a 424B2 filing with the Securities and Exchange Commission.

The coupon is 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 is payable quarterly.

The payout at maturity will be par.

Wells Fargo Securities, LLC is the agent.

Issuer:	Wells Fargo & Co.
Issue:	Floating-rate notes
Amount:	$10 million
Maturity:	July 31, 2021
Coupon:	Libor plus 75 bps; minimum rate of 2% through year four, 3% during years five through seven and 4% after that until maturity; maximum rate of 5% through year four, 6% during years five through seven and 7% after that until maturity; payable quarterly
Price:	Par
Payout at maturity:	Par
Pricing date:	July 26
Settlement date:	July 29
Agent:	Wells Fargo Securities, LLC
Fees:	1.75%
Cusip:	94986RET4

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