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Wells Fargo to price step-up callable notes with 3.4% initial rate
By Sarah Lizee
Olympia, Wash., March 7 – Wells Fargo & Co. plans to price step-up callable notes due March 18, 2026, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be 3.4% initially, stepping up to 3.8% on March 18, 2022 and to 4.2% on March 18, 2025. Interest will be payable semiannually.
The payout at maturity will be par.
Beginning March 18, 2020, the notes will be callable at par on any quarterly redemption date.
Wells Fargo Securities LLC is the agent.
The notes will price March 14.
The Cusip number is 95001D3Z1.
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