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Wells Fargo plans to price step-up callable notes with 3.125% initial rate
By Rebecca Melvin
New York, April 30 – Wells Fargo & Co. plans to price step-up callable notes due Nov. 30, 2024, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be 3.125% initially, stepping up to 3.375% on May 30, 2021, 3.5% on May 30, 2022, 3.75% on May 30, 2023 and to 4% on May 30, 2024. Interest will be payable semiannually.
The payout at maturity will be par.
Beginning May 30, 2020, the notes will be callable at par on any quarterly redemption date.
Wells Fargo Securities LLC is the agent.
The notes will price May 28.
The Cusip number is 95001D4C1.
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