New Issue: Wells Fargo prices $15.29 million step-up callable notes with 2.3% initial rate

By Sarah Lizee

Olympia, Wash., Dec. 6 – Wells Fargo & Co. priced $15.29 million of step-up callable notes due Nov. 27, 2024, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate is 2.3% initially, stepping up to 2.5% on May 27, 2023 and to 3% on May 27, 2024. Interest is payable semiannually.

The payout at maturity will be par.

The notes will be callable at par quarterly starting Nov. 27, 2020.

Wells Fargo Securities LLC is the agent.

Issuer:	Wells Fargo & Co.
Issue:	Step-up callable notes
Amount:	$15.29 million
Maturity:	Nov. 27, 2024
Coupon:	2.3% initially, stepping up to 2.5% on May 27, 2023 and to 3% on May 27, 2024; payable semiannually
Price:	Par; however, original offering price for eligible institutional investors will vary between 993.5 and par
Payout at maturity:	Par
Call option:	At par quarterly starting Nov. 27, 2020
Pricing date:	Nov. 25
Settlement date:	Nov. 27
Agent:	Wells Fargo Securities, LLC
Fees:	0.65%
Cusip:	95001D5G1

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