By Marisa Wong
Morgantown, W.Va., Aug. 21 – Wells Fargo & Co. priced $25.54 million of collared floating-rate notes due Aug. 16, 2027, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable quarterly at Libor plus 65 basis points, subject to a minimum rate and a maximum rate. The floor is initially 1.5% per year and steps up by 10 bps after six months and by 10 bps every six months after that to a floor of 3.4% for the final six months. The cap is initially 2.9% per year and steps up by 20 bps after six months and by 20 bps every six months after that to a cap of 6.7% for the final six months.
The payout at maturity will be par.
Wells Fargo Securities LLC is the agent.
| Issuer: | Wells Fargo & Co.
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| Issue: | Collared floating-rate notes
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| Amount: | $25.54 million
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| Maturity: | Aug. 16, 2027
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| Coupon: | Libor plus 65 bps, subject to minimum rate and maximum rate; floor is initially 1.5% per year and steps up by 10 bps after six months and by 10 bps every six months after that to a floor of 3.4% for the final six months; cap is initially 2.9% per year and steps up by 20 bps after six months and by 20 bps every six months after that to a cap of 6.7% for the final six months; payable quarterly
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| Price: | Par
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| Payout at maturity: | Par
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| Pricing date: | Aug. 11
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| Settlement date: | Aug. 16
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| Underwriter: | Wells Fargo Securities, LLC
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| Fees: | 0.55%
|
| Cusip: | 95000N2S7
|
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