New Issue: Wells Fargo prices $33.4 million 20-year step-up callable notes with 4% initial rate

By Jennifer Chiou

New York, Aug. 23 - Wells Fargo & Co. priced $33,403,000 of step-up callable notes due Aug. 26, 2033, according to a 424B2 filing with the Securities and Exchange Commission.

The coupon will be 4% for the first six years years, stepping up to 4.25% on Aug. 26, 2019, to 4.75% on Aug. 26, 2024, to 5.5% on Aug. 26, 2029 and to 6.5% on Aug. 26, 2031. Interest will be payable quarterly.

The payout at maturity will be par.

The notes will be callable at par on any interest payment date beginning on Aug. 26, 2019.

Wells Fargo Securities, LLC is the agent.

Issuer:	Wells Fargo & Co.
Issue:	Step-up callable notes
Amount:	$33,403,000
Maturity:	Aug. 26, 2033
Coupon:	4% initially, stepping up to 4.25% on Aug. 26, 2019, to 4.75% on Aug. 26, 2024, to 5.5% on Aug. 26, 2029 and to 6.5% on Aug. 26, 2031; payable quarterly
Price:	Par
Payout at maturity:	Par
Call option:	At par on any interest payment date beginning Aug. 26, 2019
Pricing date:	Aug. 21
Settlement date:	Aug. 26
Agent:	Wells Fargo Securities, LLC
Fees:	2.25%
Cusip:	94986RRC7

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