New Issue: Wells Fargo sells $3 million step-up callable notes due 2026 with 3.5% initial rate

By Marisa Wong

Morgantown, W.Va., Feb. 27 – Wells Fargo & Co. priced $3 million of step-up callable notes due Feb. 27, 2026, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate is 3.5% initially, stepping up to 4.5% on Feb. 27, 2022 and to 5% on Feb. 27, 2025. Interest is payable semiannually.

The payout at maturity will be par.

Beginning Feb. 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:	$3 million
Maturity:	Feb. 27, 2026
Coupon:	3.5% initially, stepping up to 4.5% on Feb. 27, 2022 and to 5% on Feb. 27, 2025; payable semiannually
Price:	Par
Payout at maturity:	Par
Call option:	At par quarterly beginning Feb. 27, 2020
Pricing date:	Feb. 25
Settlement date:	Feb. 27
Agent:	Wells Fargo Securities, LLC
Fees:	0.65%
Cusip:	95001D3T5

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