New Issue: Wells Fargo prices $4.5 million step-up callable notes due 2033 with 4% initial rate

By Toni Weeks

San Luis Obispo, Calif., Nov. 27 - Wells Fargo & Co. priced $4.5 million of step-up callable notes due Nov. 28, 2033, according to a 424B2 filing with the Securities and Exchange Commission.

The coupon will be 4% for the first six years, stepping up to 4.25% on Nov. 27, 2019, to 4.5% on Nov. 27, 2024, to 5% on Nov. 27, 2028 and to 6% on Nov. 27, 2031. Interest is payable quarterly.

The payout at maturity will be par.

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

Wells Fargo Securities, LLC is the agent.

Issuer:	Wells Fargo & Co.
Issue:	Step-up callable notes
Amount:	$4,495,000
Maturity:	Nov. 28, 2033
Coupon:	4% initially, stepping up to 4.25% on Nov. 27, 2019, to 4.5% on Nov. 27, 2024, to 5% on Nov. 27, 2028 and to 6% on Nov. 27, 2031; payable quarterly
Price:	Par
Call option:	At par on any interest payment date beginning Nov. 27, 2019
Payout at maturity:	Par
Pricing date:	Nov. 22
Settlement date:	Nov. 27
Agent:	Wells Fargo Securities, LLC
Fees:	2%
Cusip:	94986RSA0

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