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Wells Fargo plans fixed-to-floaters with 3.5% initial rate, 6.5% cap
By Marisa Wong
Madison, Wis., Jan. 10 - Wells Fargo & Co. plans to price fixed-to-floating notes due Jan. 28, 2019 linked to Libor, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon will be 3.5% for the first two years. After that, it will be Libor plus 60 basis points, up to a maximum rate of 6.5%. Interest is payable quarterly.
The payout at maturity will be par.
Wells Fargo Securities, LLC is the agent.
The notes will price on Jan. 24 and settle on Jan. 27.
The Cusip number is 94986RHC8.
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