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Wells Fargo to price step-up callable notes with 2% initial rate
By Angela McDaniels
Tacoma, Wash., May 1 – Wells Fargo & Co. plans to price step-up callable notes due May 19, 2023, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be 2% in years one through four, 27.5% in years five and six, 4% in year seven and 5.5% in year eight. Interest will be payable quarterly.
The payout at maturity will be par.
After four years, the notes will be callable at par on any interest payment date.
Wells Fargo Securities, LLC is the agent.
The notes will price May 14 and settle May 19.
The Cusip number is 94986RXB2.
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