By Wendy Van Sickle
Columbus, Ohio, April 3 – Wells Fargo Finance LLC priced $15.59 million of 0% market-linked step-up notes due March 25, 2022 tied to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the notes are not called and the index finishes above the step-up value, 117% of the initial level, the payout at maturity will be par plus the index gain.
If the index finishes at or below the step-up level but at or above the initial level, the payout will be par plus the step-up payment of 17%.
Investors will be fully exposed to any index decline.
The notes are guaranteed by Wells Fargo & Co.
BofA Securities, Inc. is the agent.
| Issuer: | Wells Fargo Finance LLC
|
| Guarantor: | Wells Fargo & Co.
|
| Issue: | Market-linked step-up notes
|
| Underlying index: | S&P 500
|
| Amount: | $15,593,240
|
| Maturity: | March 25, 2022
|
| Coupon: | 0%
|
| Price: | Par of $10
|
| Payout at maturity: | If the index finishes above the step-up value, par plus the index gain; if the index finishes at or below the step-up level but at or above the initial level, par plus 17%; full exposure to losses
|
| Initial index level: | 2,630.07
|
| Step-up value: | 3,077.18, 117% of initial value
|
| Pricing date: | March 26
|
| Settlement date: | April 2
|
| Agent: | BofA Securities, Inc.
|
| Fees: | 2%
|
| Cusip: | 95002W669
|
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