By Marisa Wong
Madison, Wis., June 16 – Wells Fargo & Co. priced $8.45 million fixed-to-floating notes due June 17, 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 2.5% for the first two years. After that, it will be equal to 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-rate notes
|
| Underlying rate: | 10-year Constant Maturity Swap rate
|
| Amount: | $8,449,000
|
| Maturity: | June 17, 2025
|
| Coupon: | 2.5% for first two years; after that 10-year CMS rate; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Pricing date: | June 12
|
| Settlement date: | June 17
|
| Agent: | Wells Fargo Securities LLC
|
| Fees: | 1%
|
| Cusip: | 94986RXK2
|
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