Wells Fargo plans seven-year fixed-to-floaters with 2.5% initial rate

By Susanna Moon

Chicago, March 6 - Wells Fargo & Co. plans to price fixed-to-floating notes due March 21, 2019, according to a 424B2 filing with the Securities and Exchange Commission.

The coupon will be 2.5% for the first two years. After that, it will be equal to Libor plus 50 basis points, up to a maximum rate of 6% per year. Interest is payable quarterly.

The payout at maturity will be par.

Wells Fargo Securities, LLC will be the agent.

The notes will price March 16 and settle March 21.

The Cusip number is 94986RHZ7.

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