Wells Fargo plans 15-year step-up callable notes with 3%-5% rates

By Susanna Moon

Chicago, Oct. 5 – Wells Fargo & Co. plans to price step-up callable notes due Oct. 27, 2032, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be 3% for the first five years, stepping up to 4% on Oct. 27, 2022 and to 5% on Oct. 27, 2030. Interest will be payable semiannually.

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

The payout at maturity will be par.

Wells Fargo Securities, LLC is the agent.

The notes will price on Oct. 24 and settle on Oct. 27.

The Cusip number is 95000N3D9.

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