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Wells Fargo plans step-up callable notes with 2.5% initial rate
By Susanna Moon
Chicago, Sept. 22 - Wells Fargo & Co. plans to price step-up callable notes due Sept. 30, 2023, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon will be 2.5% for the first three years, 3% for years four through six, 5% for years seven through nine and 7% for years 10 through 12. Interest will be 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 Sept. 27 and settle on Sept. 30.
The Cusip number is 94986RFQ9.
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