Published on 7/30/2012 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo prices $63.94 million step-up callable notes due 2027 with 3% initial rate
By Susanna Moon
Chicago, July 30 - Wells Fargo & Co. priced $63.94 million of step-up callable notes due Aug. 2, 2027, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon will be 3% for the first three years, stepping up to 3.25% on July 30, 2018, to 3.5% on July 30, 2022, to 4.5% on July 30, 2025 and to 6.25% on July 30, 2026. 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.
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Issue: | Step-up callable notes
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Amount: | $63,938,000
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Maturity: | Aug. 2, 2027
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Coupon: | 3% initially, stepping up to 3.25% on July 30, 2018, to 3.5% on July 30, 2022, to 4.5% on July 30, 2025 and to 6.25% on July 30, 2026; payable quarterly
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Price: | Par
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Call option: | At par on any interest payment date beginning July 30, 2017
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Payout at maturity: | Par
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Pricing date: | July 26
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Settlement date: | July 31
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Agent: | Wells Fargo Securities, LLC
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Fees: | 1.75%
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Cusip: | 94986RKV2
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