By Toni Weeks
San Luis Obispo, Calif., June 17 – Wells Fargo & Co. priced $2.5 million of autocallable access securities with contingent coupon and contingent downside due Dec. 21, 2016 linked to the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at an annualized rate of 6% if the index closes at or above the threshold level, 70% of the initial level, on the calculation date for that quarter.
The notes will be automatically called at par plus the contingent coupon if the index closes at or above the initial level on any quarterly calculation date other than the first and final date.
If the notes are not called and the index’s final level is greater than or equal to the threshold level, the payout at maturity will be par. Otherwise, investors will be fully exposed to the index’s decline from the initial level.
Wells Fargo Securities, LLC is the agent.
| Issuer: | Wells Fargo & Co.
|
| Issue: | Autocallable access securities with contingent coupon and contingent downside
|
| Underlying index: | Russell 2000
|
| Amount: | $2.5 million
|
| Maturity: | Dec. 21, 2016
|
| Coupon: | 6% per year, payable quarterly if index closes at or above threshold level on calculation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par if index’s final level is greater than or equal to threshold level; otherwise, full exposure to index’s decline from initial level
|
| Call: | At par plus the contingent coupon if index closes at or above initial level on any quarterly calculation date other than first or final date
|
| Initial index level: | 1,261.038
|
| Threshold level: | 882.7266, 70% of initial level
|
| Pricing date: | June 15
|
| Settlement date: | June 22
|
| Underwriter: | Wells Fargo Securities, LLC
|
| Fees: | None
|
| Cusip: | 94986RXS5
|
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