Wells Fargo aims to price step-up callable notes with 2% initial rate

By Devika Patel

Knoxville, Tenn., Oct. 9 – Wells Fargo & Co. plans to sell step-up callable notes due April 18, 2021, according to a 424B2 filed with the Securities and Exchange Commission.

The interest rate will be 2% through April 17, 2020, 2.1% from April 18, 2020 through Oct. 17, 2020 and 2.2% from Oct. 18, 2020 through April 17, 2021. Interest will be payable semiannually.

Beginning April 18, 2020 and ending Jan. 18, 2021, the notes will be callable at par plus interest on any quarterly redemption date.

The payout at maturity will be par plus any unpaid interest.

Wells Fargo Securities LLC is the agent.

The notes (Cusip: 95001D4Y3) will price on Oct. 16 and settle on Oct. 18.

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