New Issue: Wells Fargo prices $10.41 million of step-up callable notes with 2.25% start rate

By Wendy Van Sickle

Columbus, Ohio, May 25 – Wells Fargo & Co. priced $10.41 million of step-up callable notes due May 26, 2026, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate will be 2.25% for the first four years, stepping up to 2.75% for years five through seven, to 4% for years eight through nine and to 6% 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 redemption date after four years.

Wells Fargo Securities LLC is the agent.

Issuer:	Wells Fargo & Co.
Issue:	Step-up callable notes
Amount:	$10,413,000
Maturity:	May 26, 2026
Coupon:	2.25% for four years, stepping up to 2.75% for years five to seven, to 4% for years eight and nine, and to 6% for year 10; payable semiannually
Price:	Par of $1,000
Payout at maturity:	Par
Call option:	At par quarterly after four years
Pricing date:	May 23
Settlement date:	May 26
Agent:	Wells Fargo Securities, LLC
Fees:	1.25%
Cusip:	94986RM65

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