Wells Fargo plans 17-year step-up callable notes with 3.25% start rate

By Toni Weeks

San Luis Obispo, Calif., May 16 - Wells Fargo & Co. plans to price step-up callable notes due May 31, 2030, according to a 424B2 filing with the Securities and Exchange Commission.

The coupon will be 3.25% for the first six years, stepping up to 3.5% on May 28, 2019, to 3.75% on May 28, 2024, to 4% on May 28, 2027 and to 6% on May 28, 2029. Interest will be payable quarterly.

The payout at maturity will be par.

The notes will be callable at par on any interest payment date beginning May 28, 2019.

The notes (Cusip: 94986RPW5) will price May 28 and settle May 31.

Wells Fargo Securities, LLC is the agent.

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