New Issue: Wells Fargo prices $30 million step-up callable notes due 2027 with 2.5% initial rate

By Toni Weeks

San Diego, June 28 - Wells Fargo & Co. priced $30 million of step-up callable notes due June 29, 2027, according to a 424B2 filing with the Securities and Exchange Commission.

The coupon will be 2.5% for the first three years, stepping up to 2.75% on June 29, 2015, to 3.25% on June 29, 2018, to 5% on June 29, 2021 and to 7% on June 29, 2024. Interest is payable quarterly.

The payout at maturity will be par.

The notes will be callable at par on any interest payment date after five years.

Wells Fargo Securities, LLC is the agent.

Issuer:	Wells Fargo & Co.
Issue:	Step-up callable notes
Amount:	$30 million
Maturity:	June 29, 2027
Coupon:	2.5% for the first three years, stepping up to 2.75% on June 29, 2015, to 3.25% on June 29, 2018, to 5% on June 29, 2021 and to 7% on June 29, 2024; payable quarterly
Price:	Par
Call option:	At par on any interest payment date beginning June 29, 2017
Payout at maturity:	Par
Pricing date:	June 26
Settlement date:	June 29
Agent:	Wells Fargo Securities, LLC
Fees:	1.75%
Cusip:	94986RKJ9

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