Wells Fargo plans four-year step-up callable notes with 1.3% start rate

By Tali Rackner

Norfolk, Va., June 23 – Wells Fargo & Co. plans to price step-up callable notes due July 6, 2020, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate will be 1.3% for the first two years, stepping up to 1.75% for year three and to 3% for year four. Interest will be payable semiannually.

The payout at maturity will be par.

The notes will be callable at par on any quarterly redemption date after two years.

Wells Fargo Securities LLC is the agent.

The notes will price on June 30 and settle on July 6.

The Cusip number is 94986RP96.

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