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Wells Fargo plans 15-year callable step-up notes with 3% initial rate
By Susanna Moon
Chicago, July 10 – Wells Fargo & Co. plans to price callable step-up notes due July 31, 2030, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be 3% for the first five years, stepping up to 3.5% on July 31, 2020, to 4.5% on July 31, 2024, to 6.5% on July 31, 2027 and to 8% on July 31, 2029. Interest will be payable semiannually.
The payout at maturity will be par.
The notes will be callable at par on any quarterly call date beginning July 31, 2020.
Wells Fargo Securities, LLC is the underwriter.
The notes will price on July 28 and settle on July 31.
The Cusip number is 94986RYA3.
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