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Wells Fargo plans 10-year floating-rate notes tied to 30-year CMS rate
By Susanna Moon
Chicago, Sept. 10 – Wells Fargo & Co. plans to price floating-rate notes due Sept. 23, 2024, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be fixed at 5% for the first year. After that, it will be 0.7 times the 30-year Constant Maturity Swap rate. Interest will be payable quarterly.
The payout at maturity will be par.
Wells Fargo Securities, LLC is the underwriter.
The notes will price on Sept. 18 and settle on Sept. 23.
The Cusip number is 94986RUW9.
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