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Wells Fargo to price five-year floaters with 1% floor, 5% cap
By Jennifer Chiou
New York, Aug. 10 - Wells Fargo & Co. plans to price floating-rate notes due Aug. 31, 2016, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be Libor plus 50 basis points, subject to a minimum rate of 1% and a maximum rate of 5% per year in each interest period. Interest will be payable quarterly.
The payout at maturity will be par.
The notes (Cusip: 94986RFE6) will price on Aug. 26 and settle on Aug. 31.
Wells Fargo Securities, LLC is the agent.
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