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Wells Fargo plans fixed-to-floating notes with 3% initial rate, 5% cap
By Susanna Moon
Chicago, Dec. 3 - Wells Fargo & Co. plans to price fixed-to-floating notes due Dec. 28, 2022, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon will be 3% for the first two years. After that, it will be equal to Libor plus 55 basis points, up to a maximum interest rate of 5%. Interest is payable quarterly.
The payout at maturity will be par.
Wells Fargo Securities, LLC is the agent.
The notes will price on Dec. 21 and settle on Dec. 27.
The Cusip number is 94986RMK4.
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