Wells Fargo plans eight-year fixed-to-floaters with 3% initial rate

By Jennifer Chiou

New York, Nov. 5 - Wells Fargo & Co. plans to price fixed-to-floating notes due Nov. 16, 2020, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate will be 3% for the first year. After that, the rate will be Libor plus 45 basis points, subject to a maximum rate of 5.5% per year in each interest period. Interest is payable quarterly.

The payout at maturity will be par.

The notes (Cusip: 94986RMD0) will price on Nov. 13 and settle on Nov. 16.

Wells Fargo Securities, LLC is the agent.

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