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Wells Fargo to price step-up callable notes with 2.15% initial rate
By Angela McDaniels
Tacoma, Wash., April 11 – Wells Fargo & Co. plans to price step-up callable notes due April 29, 2026, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be 2.15% in years one through four, 2.5% in year five, 3% in year six, 3.5% in year seven, 4% in year eight, 4.5% in year nine and 5% in year 10. Interest will be payable semiannually.
The payout at maturity will be par.
Beginning April 29, 2020, the notes will be callable at par on any quarterly optional redemption date.
Wells Fargo Securities LLC is the agent.
The notes will price April 26.
The Cusip number is 94986RK75.
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