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Wells Fargo plans 20-year step-up callable notes with 4% initial rate
By Jennifer Chiou
New York, Oct. 17 - Wells Fargo & Co. plans to price step-up callable notes due Oct. 31, 2033, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon will be 4% for the first six years, stepping up to 4.25% for years seven through 12, to 4.5% for years 13 through 16, to 5% for years 17 and 18 and to 6% for years 19 and 20. 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 six years.
The notes (Cusip: 94986RRV5) are expected to price on Oct. 25 and settle on Oct. 30.
Wells Fargo Securities, LLC is the agent.
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