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Wells Fargo plans seven-year fixed-to-floaters with 2% initial rate
By Toni Weeks
San Luis Obispo, March 14 - Wells Fargo & Co. plans to price fixed-to-floating notes due March 20, 2020, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be 2% for the first two years. After that, the rate will be Libor plus 60 basis points, subject to a maximum rate of 3% in year three, 3.5% in year four, 4% in year five, 4.5% in year six and 5% in year seven. Interest is payable quarterly.
The payout at maturity will be par.
The notes (Cusip: 94986RPA3) will price March 15 and settle March 20.
Wells Fargo Securities, LLC is the agent.
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