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Wells Fargo plans fixed-to-floaters with 3% initial rate, 5.5% cap
By Susanna Moon
Chicago, Feb. 1 - Wells Fargo & Co. plans to price fixed-to-floating-rate notes due Feb. 15, 2017, according to an FWP filing with the Securities and Exchange Commission.
The coupon will be 3% for the first year. After that, it will be Libor plus 50 basis points, subject to a maximum rate of 5.5% per year. Interest will be payable quarterly.
The payout at maturity will be par.
Wells Fargo Securities, LLC is the agent.
The notes will price on Feb. 10 and settle on Feb. 15.
The Cusip number is 94986RHH7.
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