Wells Fargo plans five-year floaters convertible to 2.5% fixed rate

By Susanna Moon

Chicago, July 18 – Wells Fargo & Co. plans to price floating-rate notes with optional fixed-rate conversion right due July 25, 2022, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be Libor plus 70 basis points for the first 2.5 years. After that, the issuer may exercise its option to convert the coupon to a fixed rate of 2.5%. Interest is payable quarterly.

The payout at maturity will be par.

Wells Fargo Securities, LLC is the agent.

The notes will price on July 20 and settle on July 25.

The Cusip number is 95000N2N8.

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