Published on 3/26/2013 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo prices $10.4 million fixed-to-floating notes with 3.5% initial rate
By Angela McDaniels
Tacoma, Wash., March 26 - Wells Fargo & Co. priced $10.4 million of fixed-to-floating-rate notes due March 27, 2025, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 3.5% for the first two years. After that it will be Libor plus 65 basis points, subject to a maximum rate of 6% per year in each interest period. Interest is payable quarterly.
The payout at maturity will be par.
Wells Fargo Securities, LLC is the agent.
| Issuer: | Wells Fargo & Co.
|
| Issue: | Fixed-to-floating-rate notes
|
| Amount: | $10.4 million
|
| Maturity: | March 27, 2025
|
| Coupon: | Initially 3.5%; beginning March 27, 2015, Libor plus 65 bps, subject to maximum rate of 6%; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Pricing date: | March 22
|
| Settlement date: | March 27
|
| Agent: | Wells Fargo Securities, LLC
|
| Fees: | 1.2%
|
| Cusip: | 94986RNX5
|
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