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Wells Fargo to price step-up callable notes with 2.5% initial rate
By Marisa Wong
Morgantown, W.Va., Nov. 11 – Wells Fargo & Co. plans to price step-up callable notes due Nov. 20, 2025, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be 2.5% in years one through five, 3.5% in years six through eight, 4.5% in year nine and 6% in year 10. Interest will be payable semiannually.
The payout at maturity will be par.
After three years, the notes will be callable quarterly at par.
Wells Fargo Securities, LLC is the agent.
The notes will price Nov. 17 and settle Nov. 20.
The Cusip number is 94986RZW4.
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