By Jennifer Chiou
New York, Feb. 26 – Wells Fargo & Co. priced $27.3 million of fixed-to-floating notes due Feb. 27, 2025 linked to the 10-year Constant Maturity Swap rate, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be 3.5% for the first three years. After that, the interest rate will be 0.83 times the 10-year CMS rate. Interest will be 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
|
| Underlying rate: | 10-year Constant Maturity Swap rate
|
| Amount: | $27.3 million
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| Maturity: | Feb. 27, 2025
|
| Coupon: | 3.5% for the first three years; after that, 0.83 times the 10-year CMS rate; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Pricing date: | Feb. 24
|
| Settlement date: | Feb. 27
|
| Agent: | Wells Fargo Securities LLC
|
| Fees: | 0.5%
|
| Cusip: | 94986RVZ1
|
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