Wells Fargo to price capped fixed-to-floaters with 2% start rate

By Wendy Van Sickle

Columbus, Ohio, Aug. 17 – Wells Fargo & Co. plans to price fixed-to-floating rate notes due Aug. 30, 2023, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be fixed at 2% for the first two years. After that, it will accrue at Libor plus 100 basis points, up to a maximum rate 5%. Interest will be payable quarterly.

The payout at maturity will be par of $1,000.

Wells Fargo Securities LLC is the agent.

The notes will price on Aug. 25 and settle on Aug. 30.

The Cusip number is 94986RU33.

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