By Devika Patel
Knoxville, Tenn., April 3 – Wells Fargo & Co. priced $1 million of capped fixed-to-floating-rate notes due April 4, 2025, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 2.75% for the first three years. After that, it will be Libor plus 100 basis points, subject to a cap of 5% per year. Interest is payable quarterly.
The payout at maturity will be par.
Wells Fargo Securities LLC is the agent.
| Issuer: | Wells Fargo & Co.
|
| Issue: | Capped fixed-to-floating-rate notes
|
| Amount: | $1 million
|
| Maturity: | April 4, 2025
|
| Coupon: | 2.75% for first three years; after that, Libor plus 100 bps, subject to 5% cap year; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Pricing date: | March 30
|
| Settlement date: | April 4
|
| Underwriter: | Wells Fargo Securities LLC
|
| Fees: | 1.5%
|
| Cusip: | 95000N2F5
|
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