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Wells Fargo plans 20-year callable step-up notes with 3% initial rate
By Toni Weeks
San Luis Obispo, Calif., March 5 – Wells Fargo & Co. plans to price callable step-up notes due March 20, 2035, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will 3% for the first five years, stepping up to 3.5% on March 20, 2020, to 4% on March 20, 2024, to 5% on March 20, 2028, to 6% on March 20, 2031 and to 7.5% on March 20, 2033. Interest will be payable quarterly.
The payout at maturity will be par.
Beginning after four years, the notes will be callable at par on any interest payment date.
The notes (Cusip: 94986RWH0) are expected to price March 17 and settle March 20.
Wells Fargo Securities, LLC is the agent.
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