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Wells Fargo to price fixed-to-floating notes with 3.5% initial rate
By Toni Weeks
San Luis Obispo, Calif., March 6 - Wells Fargo & Co. plans to price fixed-to-floating notes due March 27, 2025, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be 3.5% for the first two years. After that it will be equal to Libor plus 65 basis points, subject to a maximum rate of 6% in each interest period. Interest is payable quarterly.
The payout at maturity will be par.
The notes (Cusip: 94986RNX5) will price March 22 and settle March 27.
Wells Fargo Securities, LLC is the agent.
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