Wells Fargo plans 15-year step-up callable notes with 3% initial rate

By Toni Weeks

San Luis Obispo, Calif., June 2 – Wells Fargo & Co. plans to price step-up callable notes due June 24, 2030, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate will be 3% in years one through five, 3.5% in years six through nine, 4% in years 10 through 12, 5% in years 13 and 14 and 7% in year 15. Interest will be payable semiannually.

The payout at maturity will be par.

After five years, the notes will be callable at par quarterly.

Wells Fargo Securities, LLC is the agent.

The notes will price June 19 and settle June 24.

The Cusip number is 94986RXM8.

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