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Wells Fargo plans step-up callable notes due 2023 with 3.25% start rate
By Sarah Lizee
Olympia, Wash., Aug. 31 – Wells Fargo & Co. plans to price step-up callable notes due Sept. 28, 2023, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be 3.25% initially, stepping up to 4% on Sept. 28, 2020 and to 6% on Sept. 28, 2022. Interest is payable semiannually.
The notes will be callable in whole at par on any quarterly redemption date beginning on Sept. 28, 2020.
The payout at maturity will be par.
Wells Fargo Securities, LLC is the agent.
The notes will price on Sept. 25 and settle on Sept. 28.
The Cusip number is 95001D2W9.
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