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Wells Fargo to price step-up callable notes with 3% initial rate
By Angela McDaniels
Tacoma, Wash., March 2 - Wells Fargo & Co. plans to price step-up callable notes due March 14, 2027, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be 3% in years one through four, 3.25% in years five through seven, 3.5% in years 8 and 9, 3.75% in years 10 and 11, 4% in years 12 and 13 and 5% in years 14 and 15. Interest will be payable semiannually.
The payout at maturity will be par.
Beginning March 14, 2017, the notes will be callable at par on any interest payment date.
The notes (Cusip: 94986RHT1) are expected to price March 9 and settle March 14.
Wells Fargo Securities LLC is the agent.
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