Wells Fargo to sell fixed-to-floating, floating-rate notes due 2028

By Mary-Katherine Stinson

Lexington, Ky., April 15 – Wells Fargo & Co. is in the market with an offering of senior redeemable fixed-to-floating rate notes (Cusip: 95000U3L5) and senior redeemable floating-rate notes (Cusip: 95000U3M3), both due April 2028, according to multiple pricing supplements.

The series W medium-term notes will bear interest at compounded SOFR plus a spread during the floating-rate periods.

The fixed-to-floaters feature a make whole call beginning in April 2025 to the first par call date in April 2027. If not redeemed in full on the first par call date, they will be callable at par in whole or in part beginning on a date in March 2028.

The floaters will be redeemable in whole on a date in April 2027 and in whole or in part beginning on a date in March 2028, in both cases at par.

Wells Fargo Securities LLC is the sole bookrunner.

Computershare Trust Co., NA is the security registrar and paying agent.

The financial services company is based in San Francisco.

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