New Issue: Wells Fargo sells $35.66 million 15-year step-up callable notes with 3% initial rate

By Wendy Van Sickle

Columbus, Ohio, Feb. 18 – Wells Fargo & Co. priced $35.66 million of step-up callable notes due Feb. 19, 2031, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be payable semiannually at an annual rate of 3% for the first five years, stepping up to 4% for years six to 10 and to 5% for years 11 to 15.

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.
Issue:	Step-up callable notes
Amount:	$35,655,000
Maturity:	Feb. 19, 2031
Coupon:	3% for five years, stepping up to 4% for years six to 10 and to 5% for years 11 to 15; payable semiannually
Price:	Par of $1,000
Payout at maturity:	Par
Call option:	At par quarterly after three years
Pricing date:	Feb. 16
Settlement date:	Feb. 19
Agent:	Wells Fargo Securities, LLC
Fees:	1.75%
Cusip:	94986RE80

© 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.