Wells Fargo plans floating notes with optional fixed rate conversion

By Angela McDaniels

Tacoma, Wash., June 19 – Wells Fargo & Co. plans to price floating-rate notes due June 27, 2022 with optional fixed-rate conversion right, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be payable quarterly. The interest rate will be Libor plus 70 basis points for the first 10 quarters. On Dec. 27, 2019, Wells Fargo has the option to keep the interest rate at Libor plus 70 bps or to convert it to a flat rate of 2.5% per year.

The payout at maturity will be par.

Wells Fargo Securities LLC is the agent.

The notes will price June 22.

The Cusip number is 95000N2L2.

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