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Wells Fargo plans fixed-to-floating notes with 2% initial rate, 6% cap
By Susanna Moon
Chicago, Sept. 7 - Wells Fargo & Co. plans to price fixed-to-floating notes due Sept. 21, 2016 linked to Libor, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon will be 2% for the first year. After that, it will be Libor plus 50 basis points, up to a maximum rate of 6% in each interest period. Interest is payable quarterly.
The payout at maturity will be par.
Wells Fargo Securities LLC is the agent.
The notes will price on Sept. 16 and settle on Sept. 21.
The Cusip number is 94986RFR7.
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