Wells plans step-up callable notes due 2031 with 3.25% initial rate

By Jennifer Chiou

New York, June 6 – Wells Fargo & Co. plans to price step-up callable notes due June 17, 2031, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be 3.25% for the first five years, stepping up to 3.75% for years six through nine, to 4.25% for years 10 to 13 and to 5.75% after that. Interest is payable quarterly.

The payout at maturity will be par.

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

The notes (Cusip: 94986RUC3) are expected to price on June 12 and settle on June 17.

Wells Fargo Securities, LLC is the underwriter.

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