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Wells Fargo to price 12-year fixed-to-floaters with 3.1% initial rate
By Toni Weeks
San Diego, Jan. 3 - Wells Fargo & Co. plans to price fixed-to-floating notes due Jan. 27, 2025, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be 3.1% for the first two years. After that, the rate will be Libor plus 50 basis points, subject to a maximum rate of 6.5% in each interest period. Interest is payable quarterly.
The payout at maturity will be par.
The notes (Cusip: 94986RMV0) will price Jan. 22 and settle Jan. 25.
Wells Fargo Securities, LLC is the agent.
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