By Devika Patel
Knoxville, Tenn., Nov. 19 – Wells Fargo & Co. priced $15 million of step-up callable notes due Nov. 20, 2025, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be 2.5% in years one through five, 3.5% in years six through eight, 4.5% in year nine and 6% in year 10. Interest will be payable semiannually.
The payout at maturity will be par.
After three years, the notes will be callable quarterly at par.
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: | $15 million
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| Maturity: | Nov. 20, 2025
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| Coupon: | 2.5% in years one through five, 3.5% in years six through eight, 4.5% in year nine and 6% in year 10
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| Price: | Par of $1,000
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| Payout at maturity: | Par
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| Call option: | At par quarterly after three years
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| Pricing date: | Nov. 17
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| Settlement date: | Nov. 20
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| Agent: | Wells Fargo Securities, LLC
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| Fees: | 1.35%
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| Cusip: | 94986RZW4
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