By Wendy Van Sickle
Columbus, Ohio, Jan. 21 – Wells Fargo & Co. priced $10 million of capped fixed-to-floating rate notes due Jan. 22, 2019 linked to three-month Libor, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon will be fixed at 1.5% for the first year. After that, it will be equal to Libor plus 28 basis points, capped at 2.5% in the second year and 3% in the third year. Interest is 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
|
| Underlier: | Three-month Libor
|
| Amount: | $10 million
|
| Maturity: | Jan. 22, 2019
|
| Coupon: | 1.5% initially; beginning Jan. 22, 2017, Libor plus 28 basis points, capped at 2.5% in second year and 3% in third year; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Pricing date: | Jan. 19
|
| Settlement date: | Jan. 22
|
| Agent: | Wells Fargo Securities LLC
|
| Fees: | 0.25%
|
| Cusip: | 94986RE23
|
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