Published on 9/29/2011 in the Prospect News Structured Products Daily.
New Issue: Wells prices $8.62 million fixed-to-floating notes with 2% initial rate
By Toni Weeks
San Diego, Sept. 29 - Wells Fargo & Co. priced $8.62 million of fixed-to-floating notes due Sept. 30, 2016, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 2% for the first year. After that it will be equal to Libor plus 50 basis points, subject 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.
| Issuer: | Wells Fargo & Co.
|
| Issue: | Fixed-to-floating notes
|
| Amount: | $8,622,000
|
| Maturity: | Sept. 30, 2016
|
| Coupon: | Initially 2%; beginning Sept. 30, 2012, Libor plus 50 bps; maximum of 6%; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Pricing date: | Sept. 27
|
| Settlement date: | Sept. 30
|
| Agent: | Wells Fargo Securities, LLC
|
| Fees: | 1.05%
|
| Cusip: | 94986RFR7
|
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