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Wells Fargo plans 20-year step-up callable notes at 3.5% initial rate
By Devika Patel
Knoxville, Tenn., Feb. 17 – Wells Fargo & Co. plans to price step-up callable notes due March 11, 2036, according to a 424B2 filed with the Securities and Exchange Commission.
Interest will be 3.5% for the first 11 years, stepping up to 4% for years 12 to 15, to 5% for years 16 to 18, to 6% in year 19 and to 8% in the 20th and final year.
The payout at maturity will be par.
After four years, the notes will be callable quarterly at par.
Wells Fargo Securities LLC is the agent.
The notes (Cusip: 94986RF55) will price on March 8 and settle on March 11.
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