New Issue: Wells Fargo sells $40.18 million step-up callable notes with 3.4% initial rate

By Wendy Van Sickle

Columbus, Ohio, May 3 – Wells Fargo & Co. priced $40.18 million of step-up callable notes due Oct. 29, 2025, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate is 3.4% initially, stepping up to 4% on Oct. 29, 2024 and to 5.4% on April 29, 2025. Interest is payable semiannually.

The payout at maturity will be par.

The notes will be callable at par semiannually starting Oct. 29, 2023.

Wells Fargo Securities LLC is the agent.

Issuer:	Wells Fargo & Co.
Issue:	Step-up callable notes
Amount:	$40.18 million
Maturity:	Oct. 29, 2025
Coupon:	3.4% initially, stepping up to 4% on Oct. 29, 2024 and to 5.4% on April 29, 2025; payable semiannually
Price:	Par
Payout at maturity:	Par
Call option:	At par semiannually starting Oct. 29, 2023
Pricing date:	April 27
Settlement date:	April 29
Agent:	Wells Fargo Securities, LLC
Fees:	0.5%
Cusip:	95001DBE9

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