New Issue: Wells Fargo sells $10 million step-up callable notes with 3.25% initial rate

By Sarah Lizee

Olympia, Wash., June 19 – Wells Fargo & Co. priced $10 million of step-up callable notes due June 19, 2029, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate is 3.25% initially, stepping up to 4% on June 19, 2025 and to 5% on June 19, 2028. Interest is payable semiannually.

The payout at maturity will be par.

Beginning June 19, 2021, 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:	June 19, 2029
Coupon:	3.25% initially, stepping up to 4% on June 19, 2025 and to 5% on June 19, 2028; payable semiannually
Price:	Par
Payout at maturity:	Par
Call option:	At par quarterly beginning June 19, 2021
Pricing date:	June 17
Settlement date:	June 19
Agent:	Wells Fargo Securities, LLC
Fees:	1.5%
Cusip:	95001D4F4

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