Published on 4/4/2016 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo prices $2 million collared floaters with 1% floor, 3% cap
By Angela McDaniels
Tacoma, Wash., April 4 – Wells Fargo & Co. priced $2 million of collared floating-rate notes due April 5, 2019, according to a 424B2 filed with the Securities and Exchange Commission.
The interest rate is Libor plus 50 basis points, subject to a minimum rate of 1% per year and a maximum rate of 3% per year. Interest is payable quarterly.
The payout at maturity will be par.
Wells Fargo Securities, LLC is the underwriter.
Issuer: | Wells Fargo & Co.
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Issue: | Collared floating-rate notes
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Amount: | $2 million
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Maturity: | April 5, 2019
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Coupon: | Libor plus 50 bps, subject to minimum rate of 1% per year and maximum rate of 3% per year; payable quarterly
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Price: | Par
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Payout at maturity: | Par
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Pricing date: | March 31
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Settlement date: | April 5
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Underwriter: | Wells Fargo Securities, LLC
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Fees: | 0.5%
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Cusip: | 94986RH95
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