By Marisa Wong
Morgantown, W.Va., Oct. 19 – Wells Fargo & Co. priced $20 million of fixed-to-floating notes due Oct. 20, 2026 linked to the 10-year Constant Maturity Swap rate, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be 3.5% for the first three years. After that, the interest rate will be the 10-year CMS rate plus 15 basis points. 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 notes
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| Amount: | $20 million
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| Maturity: | Oct. 20, 2026
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| Coupon: | 3.5% for the first three years; after that, 10-year CMS rate plus 15 bps; payable quarterly
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| Price: | Par
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| Payout at maturity: | Par
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| Pricing date: | Oct. 17
|
| Settlement date: | Oct. 20
|
| Agent: | Wells Fargo Securities, LLC
|
| Fees: | 0.85%
|
| Cusip: | 94986RZ46
|
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