Wells Fargo plans 15-year callable step-up notes with 2.5% initial rate

By Susanna Moon

Chicago, June 8 - Wells Fargo & Co. plans to price callable step-up notes due June 29, 2027, according to a filing with the Securities and Exchange Commission.

The coupon is 2.5% for the first three years, stepping up to 2.75% in year four, to 3.25% in year seven, to 5% in year 10 and to 7% in year 13. 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 underwriter.

The notes will price on June 26 and settle on June 29.

The Cusip number is 94986RKJ9.

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