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Wells Fargo plans five-year fixed-to-floating notes with 2% initial rate
By Susanna Moon
Chicago, Feb. 8 – Wells Fargo & Co. plans to price fixed-to-floating notes due Feb. 19, 2021, according to an FWP filing with the Securities and Exchange Commission.
Interest will be 2% for the first year. After that it will be Libor plus 75 basis points, up to a maximum rate of 4.5%. 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.
The notes will price on Feb. 16 and settle on Feb. 19.
The Cusip number is 94986RF30.
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