New Issue: Wells Fargo prices $15 million step-up callable notes with 3.25% initial rate

By Marisa Wong

Madison, Wis., Aug. 10 - Wells Fargo & Co. priced $15 million of step-up callable notes due Aug. 12, 2023, according to a 424B2 filing with the Securities and Exchange Commission.

The coupon is 3.25% for the first five years. It will step up to 4% on Aug. 12, 2016, to 4.5% on Aug. 12, 2018, to 5.5% on Aug. 12, 2020 and to 7% on Aug. 12, 2022. Interest is payable quarterly.

The notes are callable at par on any interest payment date beginning Aug. 12, 2016.

The payout at maturity will be par.

Wells Fargo Securities, LLC is the agent.

Issuer:	Wells Fargo & Co.
Issue:	Step-up callable notes
Amount:	$15 million
Maturity:	Aug. 12, 2023
Coupon:	3.25% initially, stepping up to 4% on Aug. 12, 2016, to 4.5% on Aug. 12, 2018, to 5.5% on Aug. 12, 2020 and to 7% on Aug. 12, 2022; payable quarterly
Price:	Par
Call option:	At par on any interest payment date after five years
Payout at maturity:	Par
Pricing date:	Aug. 8
Settlement date:	Aug. 12
Agent:	Wells Fargo Securities, LLC
Fees:	2.1%
Cusip:	94986RFB2

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