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Wells Fargo plans 10-year fixed-to-floaters with 3% initial rate
By Jennifer Chiou
New York, April 4 - Wells Fargo & Co. plans to price fixed-to-floating notes due April 24, 2023 according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be 3 for the first 18 months. After that, the rate will be Libor plus 75 basis points, subject to a maximum rate of 5%. Interest is payable quarterly.
The payout at maturity will be par.
The notes (Cusip: 94986RPH8) will price on April 19 and settle on April 24.
Wells Fargo Securities, LLC is the agent.
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