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Wells Fargo will price step-up callable notes with 3% initial rate
By Sarah Lizee
Olympia, Wash., July 18 – Wells Fargo & Co. plans to sell step-up callable notes due July 30, 2034, according to a 424B2 filed with the Securities and Exchange Commission.
The interest rate will be 3% initially, stepping up to 3.5% on July 30, 2026, to 4% on July 30, 2030 and to 5% on July 30, 2032. Interest is payable semiannually.
Beginning July 30, 2022, 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: 95001D4L1) will price on July 26.
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