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Wells Fargo plans step-up callable notes with 2% initial rate
By Marisa Wong
Morgantown, W.Va., Sept. 16 – Wells Fargo & Co. plans to price step-up callable notes due Sept. 25, 2020, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be 2% in years one through three, 2.5% in year four and 3.75% in year five. Interest will be payable semiannually.
The payout at maturity will be par.
After three years, the notes will be callable at par quarterly.
Wells Fargo Securities, LLC is the agent.
The notes will price Sept. 22 and settle Sept. 25.
The Cusip number is 94986RYY1.
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