Wells Fargo plans to price 10-year floating-rate notes with 7% cap

By Susanna Moon

Chicago, May 9 - Wells Fargo & Co. plans to price floating-rate notes due May 17, 2023, according to a 424B2 filing with the Securities and Exchange Commission.

The coupon will be Libor plus 90 basis points, up to a maximum rate of 7%. Interest is payable quarterly.

The payout at maturity will be par.

Wells Fargo Securities, LLC is the agent.

The notes will price on May 14 and settle on May 17.

The Cusip number is 94986RPV7.

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