Wells Fargo plans fixed-to-floaters due 2022 with 2.25% initial rate

By Angela McDaniels

Tacoma, Wash., Aug. 28 – Wells Fargo & Co. plans to price capped fixed-to-floating notes due Sept. 6, 2022, according to a 424B2 filing with the Securities and Exchange Commission.

The initial interest rate will be 2.25%. Beginning March 6, 2020, the interest rate will be Libor plus 30 basis points, subject to a maximum rate of 4%. Interest will be payable quarterly.

The payout at maturity will be par.

Wells Fargo Securities, LLC is the agent.

The notes will price Aug. 30.

The Cusip number is 95000N2W8.

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