New Issue: Wells Fargo prices $25 million fixed-to-floating notes with 3.25% initial rate

By Angela McDaniels

Tacoma, Wash., Aug. 20 – Wells Fargo & Co. priced $25 million of fixed-to-floating-rate notes due Aug. 25, 2021, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate is 2.125% for the first two years. After that, the interest rate will be Libor plus 50 basis points, subject to a maximum interest rate of 3.25% per year in year three, 3.75% per year in year four, 4.5% per year in year five, 5% per year in year six and 5.5% per year in year seven. 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:	$25 million
Maturity:	Aug. 25, 2021
Coupon:	2.125% for first two years; after that, Libor plus 50 bps, subject to maximum interest rate of 3.25% per year in year three, 3.75% per year in year four, 4.5% per year in year five, 5% per year in year six and 5.5% per year in year seven; payable quarterly
Price:	Par
Payout at maturity:	Par
Pricing date:	Aug. 18
Settlement date:	Aug. 25
Agent:	Wells Fargo Securities LLC
Fees:	0.25%
Cusip:	94986RUS8

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