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Wells Fargo to price step-up callable notes with 3.15% initial rate
By Jennifer Chiou
New York, Feb. 6 - Wells Fargo & Co. plans to price step-up callable notes due Feb. 22, 2030, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be 3.15% in years one through five, stepping up to 3.5% in years six through 10, 4% in years 11 through 13, 4.5% in years 14 and 15 and 6% in years 16 and 17. Interest will be payable quarterly.
The payout at maturity will be par.
Beginning on Feb. 22, 2018, the notes will be callable at par on any interest payment date.
The notes (Cusip: 90261JLD3) are expected to price on Feb. 19 and settle on Feb. 22.
Wells Fargo Securities LLC is the agent.
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