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Wells Fargo plans step-up callable notes with 3.25% initial rate
By Toni Weeks
San Diego, Aug. 2 - Wells Fargo & Co. plans to price step-up callable notes due Aug. 12, 2023, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon will be 3.25% for the first five years. After that, it will be 4% in years six and seven, 4.5% in years eight and nine, 5.5% in years 10 and 11 and 7% in 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.
The notes (Cusip: 94986RFB2) are expected to price Aug. 8 and settle Aug. 12.
Wells Fargo Securities, LLC is the agent.
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