Wells Fargo to price step-up callable notes with 1.75% initial rate

By Angela McDaniels

Tacoma, Wash., Oct. 2 – Wells Fargo & Co. plans to price step-up callable notes due Oct. 16, 2020, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate will be 1.75% in years one through three, 2.5% in year four and 3.25% to 3.75% in year five. The exact interest rate for year five will be set at pricing. Interest will be payable semiannually.

The payout at maturity will be par.

After three years, the notes will be callable quarterly at par.

Wells Fargo Securities, LLC is the agent.

The notes will price Oct. 6 and settle Oct. 16.

The Cusip number is 94986RZH7.

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