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Wells Fargo to price step-up callable notes with 4% initial rate
By Wendy Van Sickle
Columbus, Ohio, Dec. 14 – Wells Fargo & Co. plans to price step-up callable notes due Dec. 31, 2025, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be 4% initially, stepping up to 4.5% on Dec. 31, 2022 and to 5% on Dec. 31, 2024. Interest is payable semiannually.
The notes will be callable in whole at par on any quarterly redemption date beginning on Dec. 31, 2020.
The payout at maturity will be par.
Wells Fargo Securities, LLC is the agent.
The notes will price on Dec. 27 and settle on Dec. 31.
The Cusip number is 95001D3K4.
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