Published on 3/25/2015 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo prices $5.58 million fixed-to-floaters due 2020 with 1.3% initial rate
By Toni Weeks
San Luis Obispo, Calif., March 25 – Wells Fargo & Co. priced $5.58 million of fixed-to-floating notes due March 26, 2020, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be 1.3% for the first year. After that, the rate will be Libor plus 40 basis points, subject to a maximum rate of 4% in each interest period. Interest is payable quarterly and cannot be less than zero.
The payout at maturity will be par.
Wells Fargo Securities, LLC is the agent.
| Issuer: | Wells Fargo & Co.
|
| Issue: | Fixed-to-floating notes
|
| Amount: | $5,575,000
|
| Maturity: | March 26, 2020
|
| Coupon: | 1.3% initially; beginning March 26, 2016, Libor plus 40 bps, subject to a maximum coupon of 4% and floor of 0%; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Pricing date: | March 23
|
| Settlement date: | March 26
|
| Agent: | Wells Fargo Securities, LLC
|
| Fees: | 0.35%
|
| Cusip: | 94986RWL1
|
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