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Wells Fargo plans to price step-up callable notes with 3% initial rate
By Sarah Lizee
Olympia, Wash., May 14 – Wells Fargo & Co. plans to price step-up callable notes due May 17, 2024, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be 3% initially, stepping up to 3.25% on May 17, 2022 and to 3.5% on May 17, 2023. Interest will be payable semiannually.
The payout at maturity will be par.
Beginning May 17, 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 15.
The Cusip number is 95001D4H0.
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