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Wells plans notes optionally exchangeable for International Paper
By Toni Weeks
San Luis Obispo, Calif., June 11 - Wells Fargo & Co. plans to price 0% optionally exchangeable securities due June 2020 exchangeable for the common stock of International Paper Co., according to a 424B2 filing with the Securities and Exchange Commission.
Each security will be exchangeable at any time for shares of International Paper stock. The issuer can settle exchanges in shares or cash.
Beginning in June 2018, the securities will be callable at any time.
The payout at maturity or upon redemption will be the greater of par and parity, which on any day is the exchange ratio multiplied by the closing share price. The exchange ratio will be set at pricing.
Wells Fargo Securities LLC is the agent.
The notes (Cusip: 94986RQH7) will price and settle in June.
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