New Issue: Wells Fargo prices $8.05 million step-up callable notes with 3.2% initial rate

By Angela McDaniels

Tacoma, Wash., Feb. 26 – Wells Fargo & Co. priced $8.05 million of step-up callable notes due Feb. 27, 2024, according to a 424B2 filing with the Securities and Exchange Commission.

The initial interest rate is 3.2%. It will increase to 3.5% on Aug. 27, 2021, to 4% on Aug. 27, 2022 and to 4.5% on Aug. 27, 2023. Interest is payable semiannually.

The payout at maturity will be par.

Beginning Aug. 27, 2020, the notes will be callable at par on any quarterly redemption date.

Wells Fargo Securities LLC is the agent.

Issuer:	Wells Fargo & Co.
Issue:	Step-up callable notes
Amount:	$8,052,000
Maturity:	Feb. 27, 2024
Coupon:	3.2%, increasing to 3.5% on Aug. 27, 2021, to 4% on Aug. 27, 2022 and to 4.5% on Aug. 27, 2023; payable semiannually
Price:	Par
Payout at maturity:	Par
Call option:	At par quarterly beginning Aug. 27, 2020
Pricing date:	Feb. 25
Settlement date:	Feb. 27
Agent:	Wells Fargo Securities, LLC
Fees:	0.623%
Cusip:	95001D3W8

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