New Issue: Wells Fargo sells $19.93 million step-up callable notes with 3.5% start rate

By Marisa Wong

Morgantown, W.Va., Sept. 18 – Wells Fargo & Co. priced $19.93 million of step-up callable notes due Aug. 31, 2023, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be 3.5% initially, stepping up to 3.75% on Aug. 31, 2020, to 4% on Aug. 31, 2021 and to 4.25% on Aug. 31, 2022. Interest will be payable semiannually.

The notes will be callable in whole at par quarterly beginning on Aug. 31, 2020.

The payout at maturity will be par.

Wells Fargo Securities, LLC is the agent.

Issuer:	Wells Fargo & Co.
Issue:	Step-up callable notes
Amount:	$19,926,000
Maturity:	Aug. 31, 2023
Coupon:	3.5% initially, stepping up to 3.75% on Aug. 31, 2020, to 4% on Aug. 31, 2021 and to 4.25% on Aug. 31, 2022; payable semiannually
Price:	Par
Payout at maturity:	Par
Call option:	At par quarterly beginning Aug. 31, 2020
Pricing date:	Aug. 29
Settlement date:	Aug. 31
Agent:	Wells Fargo Securities, LLC
Fees:	0.6%
Cusip:	95001D2S8

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