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Wells Fargo plans 12-year step-up callable notes with 3% initial rate
By Devika Patel
Knoxville, Tenn., March 3 – Wells Fargo & Co. plans to price step-up callable notes due March 21, 2028, according to a 424B2 filed with the Securities and Exchange Commission.
Interest will be 3% for the first six years, stepping up to 3.5% for years seven to nine, to 4% for years 10 to 11 and to 5.5% in the 12th and final year.
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 (Cusip: 94986RG70) will price on March 16 and settle on March 21.
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