Wells Fargo plans 10-year capped fixed-to-floaters with 3% start rate

By Susanna Moon

Chicago, Sept. 26 – Wells Fargo & Co. plans to price capped fixed-to-floating rate notes due Oct. 5, 2026, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be fixed at 3% for the first three years. After that, it will be Libor plus 110 basis points, capped at 6%. 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 Sept. 30 and settle on Oct. 5.

The Cusip number is 94986RW98.

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