Wells Fargo plans 17-year step-up callable notes with 3.75% start rate

By Toni Weeks

San Luis Obispo, Calif., July 30 - Wells Fargo & Co. plans to price step-up callable notes due Aug. 7, 2030, according to a 424B2 filing with the Securities and Exchange Commission.

The coupon will be 3.75% for the first five years, stepping up to 4% on Aug. 7, 2018, to 4.25% on Aug. 7, 2023, to 5% on Aug. 7, 2026 and to 6% on Aug. 7, 2028. 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 Aug. 7, 2018.

The notes (Cusip: 94986RQW4) will price Aug. 1 and settle Aug. 7.

Wells Fargo Securities, LLC is the agent.

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