New Issue: Wells Fargo sells $10 million step-up callable notes with 3.5% initial rate

By Wendy Van Sickle

Columbus, Ohio, April 18 – Wells Fargo & Co. priced $10 million of step-up callable notes due April 18, 2034, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate is 3.5% initially, stepping up to 4% on April 18, 2024 and to 5% on April 18, 2029. Interest is payable semiannually.

The payout at maturity will be par.

Beginning April 18, 2022, 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:	$10 million
Maturity:	April 18, 2034
Coupon:	3.5% initially, stepping up to 4% on April 18, 2024 and to 5% on April 18, 2029; payable semiannually
Price:	Par
Payout at maturity:	Par
Call option:	At par quarterly beginning April 18, 2022
Pricing date:	April 16
Settlement date:	April 18
Agent:	Wells Fargo Securities, LLC
Fees:	1.25%
Cusip:	95001D4B3

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