New Issue: Wells Fargo sells $80.05 million step-up callables with 2.25% initial rate

By Wendy Van Sickle

Columbus, Ohio, Jan. 16 – Wells Fargo & Co. priced $80.05 million of step-up callable notes due Jan. 17, 2025, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate will be 2.25% initially, stepping up to 2.5% beginning July 17, 2023 and to 3% starting July 17, 2024. Interest will be payable semiannually.

The payout at maturity will be par.

The notes will be callable quarterly at par in whole but not in part beginning Jan. 17, 2021.

Wells Fargo Securities, LLC is the agent.

Issuer:	Wells Fargo & Co.
Issue:	Step-up callable notes
Amount:	$80.05 million
Maturity:	Jan. 17, 2025
Coupon:	2% initially, 2.5% beginning July 17, 2023 and to 3% starting July 17, 2024, payable semiannually
Price:	Par
Payout at maturity:	Par
Call option:	At par quarterly beginning Jan. 17, 2021
Pricing date:	Jan. 15
Settlement date:	Jan. 17
Agent:	Wells Fargo Securities, LLC
Fees:	0.7%
Cusip:	95001D5R7

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