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Wells Fargo will price step-up callable notes with 2.75% initial rate
By Devika Patel
Knoxville, Tenn., July 5 – Wells Fargo & Co. plans to sell step-up callable notes due July 31, 2029, according to a 424B2 filed with the Securities and Exchange Commission.
The interest rate will be 2.75% through July 30, 2023, 3.25% from July 31, 2023 through July 30, 2027 and 4% from July 31, 2027 through July 30, 2029. Interest will be payable semiannually.
Beginning Jan. 31, 2021 and ending April 30, 2029, the notes will be callable at par plus interest on any quarterly redemption date.
The payout at maturity will be par.
Wells Fargo Securities LLC is the agent.
The notes (Cusip: 95001D4K3) will price on July 29 and settle on July 31.
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