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Wells Fargo plans 12-year step-up callables with 4% initial rate
By Wendy Van Sickle
Columbus, Ohio, Jan. 30 – Wells Fargo & Co. plans to sell step-up callable notes due Feb. 28, 2031, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be 4% initially, stepping up to 5% from Feb. 28, 2025 and to 6% on Feb. 28, 2029. Interest will be payable semiannually.
The notes will be callable at par on any redemption date beginning Feb. 28, 2021.
The payout at maturity will be par.
Wells Fargo Securities LLC is the agent.
The notes will price on Feb. 26 and settle on Feb. 28.
The Cusip is 95001D3R9.
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