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Wells Fargo plans step-up callable notes due 2030 with 3% initial rate
By Toni Weeks
San Luis Obispo, Calif., April 16 - Wells Fargo & Co. plans to price step-up callable notes due April 30, 2030, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon will be 3% for the first six years, stepping up to 3.25% on April 30, 2019, to 3.5% on April 30, 2024, to 4% on April 30, 2026 and to 5% on April 30, 2028. Interest is payable quarterly.
The payout at maturity will be par.
The notes will be callable at par on any interest payment date starting April 30, 2019.
The notes (Cusip: 94986RPM7) will price April 25 and settle April 30.
Wells Fargo Securities, LLC is the agent.
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