By Toni Weeks
San Diego, Aug. 16 - Wells Fargo & Co. priced $13 million of step-up callable notes due Aug. 17, 2027, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon will be 2.5% for the first five years. It will step up to 3.25% for years six through 10 and to 4% after that until maturity. 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: | $13 million
|
| Maturity: | Aug. 17, 2027
|
| Coupon: | 2.5% initially, stepping up to 3.25% on Aug. 17, 2017 and to 4% on Aug. 17, 2022; payable quarterly
|
| Price: | Par
|
| Call option: | At par on any interest payment date beginning Aug. 17, 2017
|
| Payout at maturity: | Par
|
| Pricing date: | Aug. 14
|
| Settlement date: | Aug. 17
|
| Agent: | Wells Fargo Securities, LLC
|
| Fees: | 1.5%
|
| Cusip: | 94986RKX8
|
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