New Issue: Wells Fargo prices $6.32 million step-up callable notes with 2% initial rate

By Sarah Lizee

Olympia, Wash., June 19 – Wells Fargo & Co. priced $6.32 million of step-up callable notes due June 17, 2029, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate is 2% initially, stepping up to 2.25% on June 17, 2023 and to 2.5% on June 17, 2026. Interest is payable semiannually.

The payout at maturity will be par.

The notes will be callable at par quarterly beginning June 17, 2023.

Wells Fargo Securities LLC is the agent.

Issuer:	Wells Fargo & Co.
Issue:	Step-up callable notes
Amount:	$6,315,000
Maturity:	June 17, 2029
Coupon:	2% initially, stepping up to 2.25% on June 17, 2023 and to 2.5% on June 17, 2026; payable semiannually
Price:	Par; however, original offering price for eligible institutional investors will vary between $986 and par
Payout at maturity:	Par
Call option:	At par quarterly starting June 17, 2023
Pricing date:	June 15
Settlement date:	June 17
Agent:	Wells Fargo Securities, LLC
Fees:	1.4%
Cusip:	95001DAG5

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