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Wells Fargo to price step-up callable notes with 4% initial rate
By Angela McDaniels
Tacoma, Wash., March 5 – Wells Fargo & Co. plans to price step-up callable notes due March 28, 2034, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be 4% in years one through six, 4.5% in years seven through 11, 5% in years 12 through 14 and 6% in year 15. Interest will be payable semiannually.
The payout at maturity will be par.
Beginning March 28, 2022, the notes will be callable at par on any quarterly redemption date.
Wells Fargo Securities LLC is the agent.
The notes will price March 26.
The Cusip number is 95001D3X6.
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