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Wells Fargo to price step-up callable notes with 3.25% initial rate
By Angela McDaniels
Tacoma, Wash., Aug. 5 – Wells Fargo & Co. plans to price step-up callable notes due Aug. 19, 2031, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be 3.25% in years one through five, 3.75% in years six through 10, 4.5% in years 11 through 15 and 5.75% in years 16 and 17. Interest will be payable quarterly.
The payout at maturity will be par.
After five years, the notes will be callable at par on any interest payment date.
Wells Fargo Securities, LLC is the agent.
The notes will price Aug. 14 and settle Aug. 19.
The Cusip number is 94986RUQ2.
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