Coupon will be fixed at 5.85% until 9/15/2023 after which is will float at a rate of 3 month Libor plus a spread of 3.09%
Can only be redeemed on dividend payment date
WFC announced on 5/12/2023 that when the floating rate period begins on 9/15/2023 the rate will be fixed at 8.94% there after because of the discontinence of LIBOR on 6/30/2023 – the press release is here.
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