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Wells Fargo plans 17-year step-up callable notes with 4% initial rate
By Susanna Moon
Chicago, Sept. 5 - Wells Fargo & Co. plans to price step-up callable notes due Sept. 18, 2030, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon will be 4% for the first five years, stepping up to 4.25% for years six through nine, to 4.5% for years 10 through 13, to 5.5% for years 14 and 15 and to 7% for years 16 and 17. Interest will be payable quarterly.
The payout at maturity will be par.
The notes will be callable at par on any interest payment date after five years.
Wells Fargo Securities, LLC is the agent.
The notes will price on Sept. 13 and settle on Sept. 18.
The Cusip number is 94986RRK9.
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