Published on 7/17/2015 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo prices $12.06 million five-year fixed-to-floating notes with 2% initial rate
By Toni Weeks
San Luis Obispo, Calif., July 17 – Wells Fargo & Co. priced $12.06 million of fixed-to-floating notes due July 20, 2020, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be 2% for the first year. After that it will be Libor plus 42 basis points, up to a maximum rate of 4%. Interest will be 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-rate notes
|
| Amount: | $12.06 million
|
| Maturity: | July 20, 2020
|
| Coupon: | 2% for first year; after that, Libor plus 42 bps, subject to maximum rate of 4%, minimum rate of 0%; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Pricing date: | July 15
|
| Settlement date: | July 20
|
| Agent: | Wells Fargo Securities LLC
|
| Fees: | 0.5%
|
| Cusip: | 94986RYB1
|
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