New Issue: Wells Fargo prices $36.2 million step-up callable notes with 3% initial rate

By Tali Rackner

Norfolk, Va., Oct. 29 – Wells Fargo & Co. priced $36.2 million of step-up callable notes due Oct. 30, 2030, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate will be 3% in years one through five, 3.5% in years six through nine, 4.75% in years 10 through 12, 6.25% in years 13 and 14 and 8% in year 15. Interest will be payable semiannually.

The payout at maturity will be par.

Beginning Oct. 30, 2019, the notes will be callable quarterly at par.

Wells Fargo Securities, LLC is the agent.

Issuer:	Wells Fargo & Co.
Issue:	Step-up callable notes
Amount:	$36,197,000
Maturity:	Oct. 30, 2030
Coupon:	3% in years one through five, 3.5% in years six through nine, 4.75% in years 10 through 12, 6.25% in years 13 and 14 and 8% in year 15; payable semiannually
Price:	Par of $1,000
Payout at maturity:	Par
Call option:	At par on the 30th of each January, April, July and October, beginning Oct. 30, 2019
Pricing date:	Oct. 27
Settlement date:	Oct. 30
Agent:	Wells Fargo Securities, LLC
Fees:	1.75%
Cusip:	94986RZM6

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