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Wells Fargo plans step-up callable notes due 2022 with 3% start rate
By Sarah Lizee
Olympia, Wash., July 2 – Wells Fargo & Co. plans to price step-up callable notes due July 30, 2022, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be 3% initially, stepping up to 3.25% on July 30, 2019, to 3.5% on July 30, 2020 and to 4% on July 30, 2021. Interest is payable semiannually.
The notes will be callable in whole at par on any quarterly redemption date beginning on July 30, 2019.
The payout at maturity will be par.
Wells Fargo Securities, LLC is the agent.
The notes will price on July 25 and settle on July 30.
The Cusip number is 95001D2P4.
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