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Wells Fargo plans 10-year step-up callables starting at 3.5% rate
By Lisa Mayntz
Chicago, Feb. 17 – Wells Fargo & Co. plans to price step-up callable notes due Feb. 24, 2027, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be 3% for the first five years, stepping up to 3.5% on Feb. 24, 2022, to 4% on Feb. 24, 2024, to 5% on Feb. 24, 2025 and to 6.5% on Feb. 24, 2026. Interest will be payable semiannually.
The notes will be callable at par on any optional quarterly redemption date beginning Feb. 24, 2021 and ending Nov. 24, 2026.
The payout at maturity will be par.
Wells Fargo Securities, LLC is the agent.
The notes will price on Feb. 21 and settle on Feb. 24.
The Cusip number is 95000N2B4.
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