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Wells Fargo to price fixed-to-floating notes with 2.3% initial rate
By Marisa Wong
Madison, Wis., Nov. 19 - Wells Fargo & Co. plans to price fixed-to-floating notes due Nov. 29, 2023, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be 2.3% for the first year. After that it will be equal to Libor plus 100 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: 94986RSB8) will price Nov. 25 and settle Nov. 29.
Wells Fargo Securities, LLC is the agent.
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