Published on 5/10/2013 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo prices $10.11 million fixed-to-floating notes with 1.5% initial rate
By Angela McDaniels
Tacoma, Wash., May 10 - Wells Fargo & Co. priced $10.11 million of fixed-to-floating-rate 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 it will be Libor plus 30 basis points, up to a maximum rate of 3.5% 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: | $10,110,000
|
| Maturity: | May 14, 2018
|
| Coupon: | 1.5% initially; after one year, Libor plus 30 bps, subject to 3.5% cap; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Pricing date: | May 8
|
| Settlement date: | May 14
|
| Agent: | Wells Fargo Securities, LLC
|
| Fees: | 0.5%
|
| Cusip: | 94986RPR6
|
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