Published on 9/11/2017 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo sells $8.38 million capped fixed-to-floaters with 2.25% initial rate
By Marisa Wong
Morgantown, W.Va., Sept. 11 – Wells Fargo & Co. priced $8.38 million of capped fixed-to-floating notes due Sept. 6, 2022, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be 2.25% initially. Beginning March 6, 2020, it will be equal to Libor plus 30 basis points, subject to a maximum rate of 4%. 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 notes
|
| Amount: | $8,375,000
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| Maturity: | Sept. 6, 2022
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| Coupon: | 2.25% initially; beginning March 6, 2020, Libor plus 30 bps, subject to a maximum rate of 4%; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Pricing date: | Aug. 30
|
| Settlement date: | Sept. 6
|
| Underwriter: | Wells Fargo Securities, LLC
|
| Fees: | 0.55%
|
| Cusip: | 95000N2W8
|
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