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Wells Fargo plans fixed-to-floating notes with 3% initial rate
By Angela McDaniels
Tacoma, Wash., Feb. 5 - Wells Fargo & Co. plans to price fixed-to-floating-rate notes due Feb. 22, 2021, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon will be 3% for the first 18 months. After that, it will be equal to Libor plus 30 basis points, up to a maximum interest rate of 4.5% 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 Feb. 19 and settle Feb. 22.
The Cusip number is 94986RNJ6.
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