New Issue: Wells Fargo sells $24.72 million step-up callable notes with 2.1% initial rate

By Sarah Lizee

Olympia, Wash., Sept. 30 – Wells Fargo & Co. priced $24.72 million of step-up callable notes due March 30, 2022, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate is 2.1% initially, stepping up to 2.2% on Sept. 30, 2020 and to 2.3% on Sept. 30, 2021. Interest is payable semiannually.

The payout at maturity will be par.

Beginning March 30, 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:	$24,721,000
Maturity:	March 30, 2022
Coupon:	2.1% initially, stepping up to 2.2% on Sept. 30, 2020 and to 2.3% on Sept. 30, 2021; payable semiannually
Price:	Par
Payout at maturity:	Par
Call option:	At par quarterly beginning March 30, 2020
Pricing date:	Sept. 26
Settlement date:	Sept. 30
Agent:	Wells Fargo Securities, LLC
Fees:	0.313%
Cusip:	95001D4U1

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