By Susanna Moon
Chicago, July 30 – Wells Fargo & Co. priced $10 million of step-up callable notes due July 31, 2030, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be 3% for the first five years, stepping up to 3.5% for years six through nine, to 4.5% in years 10 through 12, to 6.5% in years 13 and 14 and to 8% for year 15. Interest is payable semiannually.
The payout at maturity will be par.
The notes will be callable at par on any interest payment date after five years.
Wells Fargo Securities, LLC is the agent.
Issuer: | Wells Fargo & Co.
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Issue: | Step-up callable notes
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Amount: | $10 million
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Maturity: | July 31, 2030
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Coupon: | 3% for five years, stepping up to 3.5% for years six through nine, to 4.5% for years 10 through 12, to 6.5% for years 13 and 14 and to 8% for year 15; payable semiannually
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Price: | Par
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Call option: | At par on any interest payment date beginning July 31, 2020
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Payout at maturity: | Par
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Pricing date: | July 28
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Settlement date: | July 31
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Agent: | Wells Fargo Securities, LLC
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Fees: | 1.75%
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Cusip: | 94986RYA3
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