Wells Fargo plans five-year fixed-to-floating notes with 2% initial rate

By Susanna Moon

Chicago, May 20 – Wells Fargo & Co. plans to price fixed-to-floating notes due June 7, 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 100 basis points, up to a maximum rate of 3.25%. 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 June 2 and settle on June 7.

The Cusip number is 94986RN31.

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