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Wells Fargo intends to price notes tied to basket of three stocks
By Sarah Lizee
Olympia, Wash., May 16 – Wells Fargo Finance LLC plans to price 0% notes due May 2021 linked to an equally-weighted basket of the common stocks of Micron Technology, Inc., ON Semiconductor Corp. and Intel Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be guaranteed by Wells Fargo & Co.
The payout at maturity will be par plus at least 200% of any basket gain, capped at par plus 24% to 28%.
If the basket falls by up to 10%, the payout will be par.
Otherwise, investors will lose 1% for each 1% basket decline beyond 10%.
BofA Securities Inc. is the agent.
The notes will price in May.
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