Wells Fargo plans five-year fixed-to-floaters with 1.5% initial rate

By Jennifer Chiou

New York, May 2 - Wells Fargo & Co. plans to price fixed-to-floating notes due May 14, 2018, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate will be 1.5% for the first year. After that, the rate will be Libor plus 30 basis points, subject to a maximum rate of 3.5%. Interest is payable quarterly.

The payout at maturity will be par.

The notes (Cusip: 94986RPR6) are expected to price on May 8 and settle on May 14.

Wells Fargo Securities, LLC is the agent.

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