Wells Fargo plans floored floating-rate notes tied to 10-year CMS rate

By Toni Weeks

San Luis Obispo, Calif., Feb. 10 - Wells Fargo & Co. plans to price floored floating-rate notes due Feb. 20, 2024, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate will be equal to 0.73 times the 10-year Constant Maturity Swap Rate, subject to a minimum interest rate of 2%. Interest will be payable quarterly.

The payout at maturity will be par.

The notes (Cusip: 94986RTA9) will price Feb. 14 and settle Feb. 20.

Wells Fargo Securities, LLC is the underwriter.

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