Wells Fargo plans 10-year step-up callable notes with 2.75% initial rate

By Susanna Moon

Chicago, March 21 - Wells Fargo & Co. plans to price step-up callable notes due March 28, 2024, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be 2.75% for the first five years, stepping up to 3% for years five to seven, to 4% for years eight to nine and to 5.5% after that. Interest is payable semiannually.

The payout at maturity will be par.

The notes are callable on any quarterly call date after four years.

Wells Fargo Securities, LLC is the underwriter.

The notes will price on March 27 and settle on March 31.

The Cusip number is 94986RTL5.

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