New Issue: Wells Fargo sells $21.97 million step-up callable notes with 4% initial rate

By Wendy Van Sickle

Columbus, Ohio, May 17 – Wells Fargo & Co. priced $21.97 million of step-up callable notes due Nov. 17, 2025, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate is 4% initially, stepping up to 4.25% on May 17, 2024 and to 6.5% on May 17, 2025. Interest is payable semiannually.

The payout at maturity will be par.

The notes will be callable at par semiannually starting Nov. 17, 2023.

Wells Fargo Securities LLC is the agent.

Issuer:	Wells Fargo & Co.
Issue:	Step-up callable notes
Amount:	$21,973,000
Maturity:	Nov. 17, 2025
Coupon:	4% initially, stepping up to 4.25% on May 17, 2024 and to 6.5% on May 17, 2025; payable semiannually
Price:	Par
Payout at maturity:	Par
Call option:	At par semiannually starting Nov. 17, 2023
Pricing date:	May 13
Settlement date:	May 17
Agent:	Wells Fargo Securities, LLC
Fees:	0.35%
Cusip:	95001DBK5

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