New Issue: Wells Fargo sells $5 million step-up callable notes with 3% initial rate

By Wendy Van Sickle

Columbus, Ohio, Aug. 1 – Wells Fargo & Co. priced $5 million of step-up callable notes due July 31, 2031, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate is 3% initially, stepping up to 3.5% on July 31, 2025 and to 4% on July 31, 2029. Interest is payable semiannually.

The payout at maturity will be par.

Beginning July 31, 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:	$5 million
Maturity:	July 31, 2031
Coupon:	3% initially, stepping up to 3.5% on July 31, 2025 and to 4% on July 31, 2029; payable semiannually
Price:	Par
Payout at maturity:	Par
Call option:	At par quarterly beginning July 31, 2020
Pricing date:	July 26
Settlement date:	July 30
Agent:	Wells Fargo Securities, LLC
Fees:	1.5%
Cusip:	95001D4M9

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