By Susanna Moon
Chicago, Aug. 29 – Wells Fargo & Co. priced $26.85 million of fixed-to-floating-rate notes due Aug. 30, 2023, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be 2% for the first two years. After that, the rate will be Libor plus 100 basis points, up to a maximum coupon of 5%. Interest is payable quarterly.
The payout at maturity will be par.
Wells Fargo Securities, LLC is the agent.
| Issuer: | Wells Fargo & Co.
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| Issue: | Fixed-to-floating-rate notes
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| Amount: | $26.85 million
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| Maturity: | Aug. 30, 2023
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| Coupon: | 2% for first two years; after that, Libor plus 100 bps, capped at 5%; payable quarterly
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| Price: | Par
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| Payout at maturity: | Par
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| Pricing date: | Aug. 25
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| Settlement date: | Aug. 30
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| Agent: | Wells Fargo Securities LLC
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| Fees: | 0.29%
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| Cusip: | 94986RU33
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