By Sarah Lizee
Olympia, Wash., Jan. 27 – Wells Fargo Finance LLC priced $1.71 million of market-linked securities due Jan. 30, 2025 – autocallable with contingent coupon and contingent downside linked to the lowest performing of the common stocks of General Dynamics Corp., Raytheon Co. and Lockheed Martin Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Wells Fargo & Co.
The notes will pay a contingent quarterly coupon at an annual rate of 8% if each stock closes at or above its 60% coupon threshold on the observation date for that quarter.
The notes will be called at par if each stock closes at or above its initial level on any observation date from January 2021 to October 2024.
The payout at maturity will be par unless any stock finishes below its 60% downside threshold, in which case the payout will be par plus the return with full exposure to any losses to the worst performing stock.
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 – autocallable with contingent coupon and contingent downside
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| Underlying stocks: | General Dynamics Corp., Raytheon Co. and Lockheed Martin Corp.
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| Amount: | $1.71 million
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| Maturity: | Jan. 30, 2025
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| Coupon: | 8% annualized, payable quarterly if each stock closes at or above coupon threshold on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par unless any stock falls by more than downside threshold, in which case 1% loss per 1% decline of worst performing stock
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| Call: | At par if each stock closes at or above its initial level on any interest payment date from January 2021 to October 2024
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| Initial levels: | $183.29 for General, $228.99 for Raytheon, $426.15 for Lockheed
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| Coupon thresholds: | $109.974 for General, $137.394 for Raytheon, $255.69 for Lockheed, 60% of initial levels
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| Downside thresholds: | $109.974 for General, $137.394 for Raytheon, $255.69 for Lockheed, 60% of initial levels
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| Pricing date: | Jan. 21
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| Settlement date: | Jan. 24
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| Agent: | Wells Fargo Securities LLC
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| Fees: | 3.3465%
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| Cusip: | 95001HDY4
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