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Wells Fargo plans 10-year capped fixed-to-floaters with 3% initial rate
By Susanna Moon
Chicago, Dec. 20 – Wells Fargo & Co. plans to price capped fixed-to-floating notes due Dec. 30, 2026, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be 3% for the first three years. After that, it will be Libor plus 122.5 basis points, up to a maximum return of 6%. Interest will be payable quarterly.
The payout at maturity will be par.
Wells Fargo Securities, LLC is the agent.
The notes will price on Dec. 27 and settle on Dec. 30.
The Cusip number is 94986R3C3.
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