By Sarah Lizee
Olympia, Wash., May 1 – Wells Fargo Finance LLC priced $1.59 million of market-linked securities – callable range accrual securities with fixed percentage buffered downside due April 30, 2024 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Wells Fargo & Co.
The interest rate is 5.4% per year multiplied by the proportion of days on which the index closes at or above its coupon barrier level, 85% of the initial level. Interest is payable monthly.
The payout at maturity will be par unless the index falls by more than 15%, in which case investors will lose 1% for every 1% that the index declines beyond 15%.
The notes will be callable at par on any interest payment date after one year.
Wells Fargo Securities, LLC is the agent.
| Issuer: | Wells Fargo Finance LLC
|
| Guarantor: | Wells Fargo & Co.
|
| Issue: | Market-linked securities – callable range accrual securities with fixed percentage buffered downside
|
| Underlying index: | S&P 500
|
| Amount: | $1,588,000
|
| Maturity: | April 30, 2024
|
| Coupon: | 5.4% per year multiplied by proportion of days on which index closes at or above coupon barrier; payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par unless index falls by more than 15%, in which case 1% loss for every 1% decline beyond 15%
|
| Call option: | At par on any interest payment date after one year
|
| Initial index level: | 2,926.17
|
| Coupon barrier/buffer level: | 2,487.2445, 85% of initial level
|
| Pricing date: | April 25
|
| Settlement date: | April 30
|
| Underwriter: | Wells Fargo Securities, LLC
|
| Fees: | 3.6%
|
| Cusip: | 95001H4T5
|
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