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Wells Fargo to price eight-year floating-rate notes with step-up cap
By Angela McDaniels
Tacoma, Wash., Feb. 27 – Wells Fargo & Co. plans to price capped floating-rate notes due March 17, 2023, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be Libor plus 100 basis points, subject to a cap of 3% in years one through three, 3.75% in years four and five, 4.5% in years six and seven and 5.25% in year eight. Interest will be payable quarterly.
The payout at maturity will be par.
Wells Fargo Securities LLC is the agent.
The notes will price March 12 and settle March 17.
The Cusip number is 94986RWF4.
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