Wells Fargo changes maturity date for range accrual notes tied to S&P

By Angela McDaniels

Tacoma, Wash., Jan. 22 – Wells Fargo & Co. changed the maturity date for its upcoming callable range accrual securities with fixed percentage buffered downside linked to the S&P 500 index to Feb. 6, 2024, according to a 424B2 filing with the Securities and Exchange Commission.

The notes were originally slated to mature Jan. 31, 2024.

As previously reported, the notes will pay a monthly coupon equal to the maximum coupon rate multiplied by the proportion of days on which the index closes at or above the threshold level, 80% of the initial index level. The maximum coupon rate will be at least 6.15% per year and will be set at pricing.

After one year, the notes will be callable at par on any interest payment date.

The payout at maturity will be par unless the final index level is less than the threshold level, in which case investors will lose 1% for every 1% that the index declines beyond 20%.

Wells Fargo Securities, LLC is the agent.

The notes will price Jan. 28.

The Cusip number is 95001BBV5.

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