New Issue: Wells Fargo prices $7.4 million step-up callable notes with 2.15% initial rate

By Marisa Wong

Morgantown, W.Va., May 2 – Wells Fargo & Co. priced $7.4 million of step-up callable notes due April 29, 2026, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be 2.15% for the first four years, stepping up to 2.5% for year five, to 3% for year six, to 3.5% for year seven, to 4% for year eight, to 4.5% for year nine and to 5% for year 10. Interest will be payable semiannually.

The payout at maturity will be par.

The notes will be callable at par on any quarterly call date after four years.

Wells Fargo Securities, LLC is the agent.

Issuer:	Wells Fargo & Co.
Issue:	Step-up callable notes
Amount:	$7.04 million
Maturity:	April 29, 2026
Coupon:	2.15% for four years, stepping up to 2.5% for year five, to 3% for year six, to 3.5% for year seven, to 4% for year eight, to 4.5% for year nine and to 5% for year 10; payable semiannually
Price:	Par of $1,000
Payout at maturity:	Par
Call option:	At par quarterly after four years
Pricing date:	April 26
Settlement date:	April 29
Agent:	Wells Fargo Securities, LLC
Fees:	1.25%
Cusip:	94986RK75

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