By Angela McDaniels
Tacoma, Wash., June 26 – Wells Fargo & Co. priced $12 million of 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 is payable quarterly. The interest rate is 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.
| Issuer: | Wells Fargo & Co.
|
| Issue: | Floating-rate notes with optional fixed-rate conversion right
|
| Amount: | $12 million
|
| Maturity: | June 27, 2022
|
| Coupon: | Libor plus 70 bps for first 10 quarters; on Dec. 27, 2019, issuer has option to keep interest rate unchanged or to convert it to 2.5% per year; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Pricing date: | June 22
|
| Settlement date: | June 27
|
| Agent: | Wells Fargo Securities LLC
|
| Fees: | 0.48%
|
| Cusip: | 95000N2L2
|
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