New Issue: Wells Fargo sells $21.86 million step-up notes with 3% initial rate

By Devika Patel

Knoxville, Tenn., March 18 – Wells Fargo & Co. priced $21.86 million of step-up callable notes due March 21, 2028, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate will be 3% in years one through six, 3.5% in years seven through nine, 4% in years 10 through 11 and 5.5% in year 12. 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.
Issue:	Step-up callable notes
Amount:	$21,861,000
Maturity:	March 21, 2028
Coupon:	3% in years one through six, 3.5% in years seven through nine, 4% in years 10 through 11 and 5.5% in year 12
Price:	Par of $1,000
Payout at maturity:	Par
Call option:	At par quarterly after three years
Pricing date:	March 16
Settlement date:	March 21
Agent:	Wells Fargo Securities, LLC
Fees:	1.65%
Cusip:	94986RG70

© 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.