Wells Fargo plans to price 12-year callable step-up notes with 3.5% initial rate

By Susanna Moon

Chicago, July 28 - Wells Fargo & Co. plans to price callable step-up fixed-rate notes due Aug. 12, 2023, according to a 424B2 filing with the Securities and Exchange Commission.

The coupon is 3.5% for the first five years. After that, the rate will step up to 4% for years six and seven, to 4.5% through year nine, to 5.75% through year 11 and to 7% for year 12. Interest is payable quarterly.

The payout at maturity will be par.

The notes will be callable at par on any interest payment date after five years.

Wells Fargo Securities, LLC is the agent.

The notes will price on Aug. 8 and settle on Aug. 12.

The Cusip is 94986REW7.

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