Wells plans seven-year callable step-up notes with 2% initial rate

By Susanna Moon

Chicago, Aug. 25 - Wells Fargo & Co. plans to price callable step-up notes due Aug. 31, 2018, according to a 424B2 filing with the Securities and Exchange Commission.

The coupon is 2% for the first three years. After that, it will step up to 2.9% for years four and five, to 4% for year six and 6% for the final year. Interest is payable quarterly.

The payout at maturity will be par.

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

Wells Fargo Securities, LLC is the agent.

The notes will price on Aug. 26 and settle on Aug. 31.

The Cusip is 94986RFJ5.

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