By Angela McDaniels
Tacoma, Wash., June 23 – Wells Fargo & Co. priced $10 million of step-up callable notes due June 24, 2030, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 3% in years one through five, 3.5% in years six through nine, 4% in years 10 through 12, 5% in years 13 and 14 and 7% in year 15. Interest is payable semiannually.
The payout at maturity will be par.
After five years, the notes will be callable at par on any interest payment date.
Wells Fargo Securities, LLC is the agent.
| Issuer: | Wells Fargo & Co.
|
| Issue: | Step-up callable notes
|
| Amount: | $10 million
|
| Maturity: | June 24, 2030
|
| Coupon: | 3% in years one through five, 3.5% in years six through nine, 4% in years 10 through 12, 5% in years 13 and 14 and 7% in year 15; payable semiannually
|
| Price: | Par
|
| Call option: | At par on any interest payment date beginning June 24, 2020
|
| Payout at maturity: | Par
|
| Pricing date: | June 19
|
| Settlement date: | June 24
|
| Agent: | Wells Fargo Securities, LLC
|
| Fees: | 1.75%
|
| Cusip: | 94986RXM8
|
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