New Issue: Wells Fargo prices $7 million step-up callable notes with 1.75% initial rate

By Lisa Mayntz

Chicago, Oct. 8 – Wells Fargo & Co. priced $7 million of step-up callable notes due Oct. 16, 2020, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be 1.75% for the first three years, stepping up to 2.5% for year four and 3.5% in year five. Interest is payable semiannually.

The payout at maturity will be par.

After three years, the notes will be callable quarterly at par beginning on Oct. 16, 2018.

Wells Fargo Securities, LLC is the agent.

Issuer:	Wells Fargo & Co.
Issue:	Step-up callable notes
Amount:	$7 million
Maturity:	Oct. 16, 2020
Coupon:	1.75% for three years, stepping up to 2.5% for year four and 3.5% in year five; payable semiannually
Price:	Par
Payout at maturity:	Par
Call option:	At par on the 16th of each January, April, July and October, beginning Oct. 16, 2018
Pricing date:	Oct. 6
Settlement date:	Oct. 16
Agent:	Wells Fargo Securities, LLC
Fees:	0.5%
Cusip:	94986RZH7

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.