By Wendy Van Sickle
Columbus, Ohio, Feb. 7 – Wells Fargo Finance LLC priced $106,000 of market-linked securities – callable with contingent coupon and contingent downside – due Feb. 2, 2024 linked to the lesser performing of the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Wells Fargo & Co.
Each quarter, the notes will pay a contingent coupon at an annual rate of 8.1% if each index closes at or above its 70% coupon threshold level on the observation date for that quarter.
The notes will be callable at par on any contingent coupon payment date after six months.
The payout at maturity will be par unless either index finishes below its 60% threshold level, in which case investors will lose 1% for every 1% decline of the lesser-performing index.
Wells Fargo Securities LLC is the agent.
| Issuer: | Wells Fargo Finance LLC
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| Guarantor: | Wells Fargo & Co.
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| Issue: | Market-linked securities – callable with contingent coupon and contingent downside
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| Underlying indexes: | S&P 500, Russell 2000
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| Amount: | $106,000
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| Maturity: | Feb. 2, 2024
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| Coupon: | 8.1%, payable each quarter that each index closes at or above threshold level on observation date for that quarter
|
| Price: | Par
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| Payout at maturity: | Par unless either index falls by more than 40%, in which case 1% loss for every 1% decline of lesser-performing index
|
| Call option: | At par on any contingent coupon payment date after six months
|
| Initial levels: | 2,704.1 for S&P and 1,499.419 for Russell
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| Thresholds: | 1,892.87 for S&P and 1,049.593 for Russell; 70% of initial levels
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| Coupon thresholds: | 1622.46 for S&P and 899.6514 for Russell; 60% of initial levels
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| Pricing date: | Jan. 31
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| Settlement date: | Feb. 5
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| Agent: | Wells Fargo Securities LLC
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| Fees: | 1.375%
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| Cusip: | 95001H2J9
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