Wells Fargo plans 20-year step-up callable notes with 4% start rate

By Marisa Wong

Madison, Wis., Aug. 14 - Wells Fargo & Co. plans to price step-up callable notes due Aug. 26, 2033, according to a 424B2 filing with the Securities and Exchange Commission.

The coupon will be 4% for the first six years, stepping up to 4.25% for years seven through 11, to 4.75% for years 12 through 16, to 5.5% for years 17 and 18 and to 6.5% for years 19 and 20. 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. 26, 2019.

The notes (Cusip: 94986RRA1) will price Aug. 21 and settle Aug. 26.

Wells Fargo Securities, LLC is the agent.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.