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Wells Fargo plans 20-year step-up callable notes with 3.5% initial rate
By Marisa Wong
Morgantown, W.Va., Nov. 21 – Wells Fargo & Co. plans to price step-up callable notes due Dec. 15, 2036, according to a 424B2 filed with the Securities and Exchange Commission.
Interest will be 3.5% for the first 10 years, stepping up to 4% on Dec. 14, 2026, to 5% on Dec. 14, 2031 and to 7% on Dec. 14, 2034. Interest is payable semiannually.
The notes will be callable quarterly at par after four years.
The payout at maturity will be par.
Wells Fargo Securities LLC is the agent.
The notes will price on Dec. 9 and settle on Dec. 14.
The Cusip number is 94986R2R1.
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