Published on 5/13/2015 in the Prospect News Investment Grade Daily and Prospect News Structured Products Daily.
New Issue: Wells Fargo prices $78.81 million five-year fixed-to-floating notes
By Angela McDaniels
Tacoma, Wash., May 13 – Wells Fargo & Co. priced $78.81 million of fixed-to-floating notes due May 18, 2020, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 1.88% for the first three years. After that, the interest rate will be Libor plus 100 basis points, subject to a maximum rate of 2.75% per year. 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 notes
|
Amount: | $78,812,000
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Maturity: | May 18, 2020
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Coupon: | 1.88% for first three years, then Libor plus 100 bps, subject to maximum rate of 2.75% per year; payable quarterly
|
Price: | Par
|
Payout at maturity: | Par
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Pricing date: | May 11
|
Settlement date: | May 18
|
Agent: | Wells Fargo Securities LLC
|
Fees: | 0.6%
|
Cusip: | 94986RXC0
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