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Wells Fargo plans step-up callable notes due 2030 with 3% initial rate
By Toni Weeks
San Luis Obispo, Calif., March 14 - Wells Fargo & Co. plans to price step-up callable notes due March 29, 2030, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon will be 3% for the first seven years, stepping up to 4% on March 28, 2020, to 5% on March 28, 2025, to 6% on March 28, 2028 and to 7% on March 28, 2029. Interest is payable semiannually.
The payout at maturity will be par.
The notes will be callable at par on any March 28, June 28, Sept. 28 and Dec. 28 beginning March 28, 2021 and ending Dec. 28, 2029.
The notes (Cusip: 94986RPB1) will price March 25 and settle March 28.
Wells Fargo Securities, LLC is the agent.
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