New Issue: Wells Fargo prices $5 million step-up callable notes due 2030 with 3% initial rate

By Toni Weeks

San Luis Obispo, Calif., March 27 - Wells Fargo & Co. priced $5 million of step-up callable notes due March 29, 2030, according to a 424B2 filing with the Securities and Exchange Commission.

The coupon will be 3% for the first seven years, stepping up to 4% on March 28, 2020, to 5% on March 28, 2025, to 6% on March 28, 2028 and to 7% on March 28, 2029. Interest is payable semiannually.

The payout at maturity will be par.

The notes will be callable at par on any quarterly redemption date after eight years.

Wells Fargo Securities, LLC is the agent.

Issuer:	Wells Fargo & Co.
Issue:	Step-up callable notes
Amount:	$5 million
Maturity:	March 29, 2030
Coupon:	3% initially, stepping up to 4% on March 28, 2020, to 5% on March 28, 2025, to 6% on March 28, 2028 and to 7% on March 28, 2029; payable semiannually
Price:	Par
Call option:	At par on any quarterly redemption date beginning March 28, 2021
Payout at maturity:	Par
Pricing date:	March 25
Settlement date:	March 28
Agent:	Wells Fargo Securities, LLC
Fees:	2%
Cusip:	94986RPB1

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