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Wells Fargo plans 15-year step-up notes with 3.05% initial rate
By Wendy Van Sickle
Columbus, Ohio, Sept. 10 – Wells Fargo & Co. plans to price callable step-up notes due Sept. 30, 2030, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be 3.05% for the first five years, stepping up to 4% for years six to 10, to 5% for years 11 to 13 and to 7% for years 14 to 15. Interest will be payable semiannually.
The payout at maturity will be par.
The notes will be callable at par on any quarterly call date starting Sept. 30, 2019.
Wells Fargo Securities, LLC is the underwriter.
The notes will price on Sept. 25 and settle on Sept. 30.
The Cusip number is 94986RYV7.
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