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Wells Fargo plans five-year step-up callable notes with 1.5% start rate
By Tali Rackner
Norfolk, Va., June 23 – Wells Fargo & Co. plans to price step-up callable notes due July 7, 2021, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be 1.5% for the first three years, stepping up to 2% for year four and to 3% for year five. 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 three years.
Wells Fargo Securities LLC is the agent.
The notes will price on July 1 and settle on July 7.
The Cusip number is 94986RQ20.
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