By Wendy Van Sickle
Columbus, Ohio, July 6 – Wells Fargo & Co. priced $4.8 million of capped fixed-to-floating-rate notes due July 6, 2027, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 4.25% for the first year. After that, it will be Libor plus 100 basis points, subject to a 6% cap. 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
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| Amount: | $4.8 million
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| Maturity: | July 6, 2027
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| Coupon: | 4.25% for first year; after that, Libor plus 100 bps, subject to cap of 6%; payable quarterly
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| Price: | Par
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| Payout at maturity: | Par
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| Pricing date: | June 30
|
| Settlement date: | July 6
|
| Underwriter: | Wells Fargo Securities LLC
|
| Fees: | 0.85%
|
| Cusip: | 95000N2M0
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