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Wells Fargo plans six-year floaters with 2.75% rate conversion right
By Susanna Moon
Chicago, Aug. 17 – Wells Fargo & Co. plans to price floating-rate notes due Aug. 31, 2023 with optional fixed-rate conversion right, according to an FWP filing with the Securities and Exchange Commission.
The coupon will be Libor plus 85 basis points, payable quarterly. After three years, the issuer may exercise the coupon conversion right to convert the notes to pay a fixed annualized rate of 2.75%. Interest is payable quarterly.
The payout at maturity will be par.
Wells Fargo Securities, LLC is the agent.
The notes will settle on Aug. 28.
The Cusip number is 95000N2U2.
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