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Wells Fargo plans 10-year fixed-to-floaters with 4% initial rate
By Wendy Van Sickle
Columbus, Ohio, Sept. 14 – Wells Fargo & Co. plans to price fixed-to-floating notes due Sept. 21, 2027, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be 4% for the first two years. After that, the interest rate will equal the 10-Year Constant Maturity Swap rate. Interest will be payable quarterly.
The payout at maturity will be par.
Wells Fargo Securities, LLC is the agent.
The notes will price on Sept. 18.
The Cusip number is 95000N3B3.
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