New Issue: Wells prices $3 million step-up callables with 3.15% initial rate

By Jennifer Chiou

New York, Feb. 26 - Wells Fargo & Co. priced $3 million of step-up callable notes due Feb. 28, 2030, according to a 424B2 filing with the Securities and Exchange Commission.

The coupon will be 3.15% for the first seven years, stepping up to 3.5% on Feb. 28, 2020, to 4% on Feb. 28, 2023, to 4.5% on Feb. 28, 2026 and to 6% on Feb. 28, 2028. Interest is payable quarterly.

The payout at maturity will be par.

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

Wells Fargo Securities, LLC is the agent.

Issuer:	Wells Fargo & Co.
Issue:	Step-up callable notes
Amount:	$3 million
Maturity:	Feb. 28, 2030
Coupon:	3.15% initially, stepping up to 3.5% on Feb. 28, 2020, to 4% on Feb. 28, 2023, to 4.5% on Feb. 28, 2026 and to 6% on Feb. 28, 2028; payable quarterly
Price:	Par
Call option:	At par on any interest payment date beginning on Feb. 28, 2020
Payout at maturity:	Par
Pricing date:	Feb. 22
Settlement date:	Feb. 28
Agent:	Wells Fargo Securities, LLC
Fees:	1.25%
Cusip:	94986RNR8

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