New Issue: Wells Fargo sells $40.37 million step-up callables with 4.125% start rate

By Susanna Moon

Chicago, Feb. 8 – Wells Fargo & Co. priced $40.37 million of step-up callable notes due Jan. 30, 2029, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be 4.125% for the first five years. After that, it will step up to 5% on Jan. 30, 2024 and to 6% on Jan. 30, 2028. Interest will be payable semiannually.

The notes will be callable at par on any quarterly valuation date after two years.

The payout at maturity will be par.

Wells Fargo Securities, LLC is the underwriter.

Issuer:	Wells Fargo & Co.
Issue:	Step-up callable notes
Amount:	$40,368,000.
Maturity:	Jan. 30, 2029
Coupon:	4.125% initially, stepping up to 5% on Jan. 30, 2024 and to 6% on Jan. 30, 2028; payable semiannually
Price:	Par
Payout at maturity:	Par
Call option:	At par on any quarterly review date after two years
Pricing date:	Jan. 28
Settlement date:	Jan. 30
Agent:	Wells Fargo Securities, LLC
Fees:	1.17107%
Cusip:	95001D3P3

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