New Issue: Wells Fargo prices $1.22 million step-up callable notes due 2024 with 2.75% initial rate

By Jennifer Chiou

New York, April 2 - Wells Fargo & Co. priced $1,216,000 of step-up callable notes due March 28, 2024, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be 2.75% for the first five years, stepping up to 3% for years five to seven, to 4% for years eight to nine and to 5.5% after that. Interest is payable quarterly.

The payout at maturity will be par.

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

Wells Fargo Securities, LLC is the agent.

Issuer:	Wells Fargo & Co.
Issue:	Step-up callable notes
Amount:	$1,216,000
Maturity:	March 28, 2024
Coupon:	4% initially, stepping up to 3% for years five to seven, to 4% for years eight to nine and to 5.5% after that; payable quarterly
Price:	Par
Call option:	At par on any interest payment date beginning March 28, 2018
Payout at maturity:	Par
Pricing date:	March 27
Settlement date:	March 31
Agent:	Wells Fargo Securities, LLC
Fees:	1.1%
Cusip:	94986RTL5

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