By Sarah Lizee
Olympia, Wash., March 18 – Wells Fargo & Co. priced $3 million of step-up callable notes due March 18, 2026, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 3.4% initially, stepping up to 3.8% on March 18, 2022 and to 4.2% on March 18, 2025. Interest is payable semiannually.
The payout at maturity will be par.
Beginning March 18, 2020, the notes will be callable at par on any quarterly redemption date.
Wells Fargo Securities LLC is the agent.
Issuer: | Wells Fargo & Co.
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Issue: | Step-up callable notes
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Amount: | $3 million
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Maturity: | March 18, 2026
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Coupon: | 3.4% initially, stepping up to 3.8% on March 18, 2022 and to 4.2% on March 18, 2025; payable semiannually
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Price: | Par
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Payout at maturity: | Par
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Call option: | At par quarterly beginning March 18, 2020
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Pricing date: | March 14
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Settlement date: | March 18
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Agent: | Wells Fargo Securities, LLC
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Fees: | 0.65%
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Cusip: | 95001D3Z1
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