New Issue: Wells Fargo prices $20 million fixed-to-floaters on 10-year CMS rate

By Sarah Lizee

Olympia, Wash., Jan. 30 – Wells Fargo & Co. priced $20 million of fixed-to-floating notes due Jan. 31, 2028 linked to the 10-year Constant Maturity Swap rate, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be 4% for the first two years. After that, it will be equal to the 10-year CMS rate plus 15 basis points, subject to a minimum interest rate of 0.25%. Interest is payable quarterly.

The payout at maturity will be par.

Wells Fargo Securities LLC is the agent.

Issuer:	Wells Fargo & Co.
Issue:	Fixed-to-floating notes
Amount:	$20 million
Maturity:	Jan. 31, 2028
Coupon:	4% initially; beginning Jan. 31, 2020, 10-year CMS rate plus 15 bps, subject to floor of 0.25%; payable quarterly
Price:	Par
Payout at maturity:	Par
Pricing date:	Jan. 26
Settlement date:	Jan. 31
Underwriter:	Wells Fargo Securities, LLC
Fees:	None
Cusip:	95000N3M9

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.