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Wells Fargo plans 15-year step-up callable notes with 2.25% initial rate
By Wendy Van Sickle
Columbus, Ohio, Sept. 1 – Wells Fargo & Co. plans to price step-up callable notes due Sept. 22, 2031, according to a 424B2 filed with the Securities and Exchange Commission.
Interest will be 2.25% for the first five years, stepping up to 3% in September 2021, to 4.5% in September 2025, and to 6% in in September 2028.
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: 94986RV24) will price on Sept. 19 and settle on Sept. 22.
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