By Sarah Lizee
Olympia, Wash., April 6 – Wells Fargo Finance LLC priced $1.94 million of market-linked securities due April 4, 2024 – autocallable with contingent coupon and contingent downside linked to the least performing of the S&P 500 index, Dow Jones industrial average and Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Wells Fargo & Co.
The notes will pay an 12.3% contingent quarterly coupon at an annual rate if each index closes at or above its 75% coupon threshold on the observation date for that quarter.
The notes will be automatically called at par plus the coupon if the least performing index finishes above its initial level on any quarterly calculation date after one year.
The payout at maturity will be par unless either index finishes below its 75% downside threshold, in which case the payout will be par plus the return of the worse performing index with full exposure to any losses.
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 indexes: | S&P 500 index, Dow Jones industrial average and Russell 2000 index
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| Amount: | $1.94 million
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| Maturity: | April 4, 2024
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| Coupon: | 12.3% per year, if each index 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 either index falls by more than downside threshold, in which case 1% loss per 1% decline of worse performing index
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| Call option: | Par plus the coupon if the least performing index finishes above its initial level on any quarterly calculation date after one year
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| Initial levels: | 2630.07 for S&P, 1180.319 for Russell, 22552.17 for Dow
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| Coupon thresholds: | 1972.5525 for S&P, 885.23925 for Russell, 16914.1275 for Dow; 75% of initial levels
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| Downside thresholds: | 1972.5525 for S&P, 885.23925 for Russell, 16914.1275 for Dow; 75% of initial levels
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| Pricing date: | March 26
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| Settlement date: | March 31
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| Agent: | Wells Fargo Securities LLC
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| Fees: | 1.875%
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| Cusip: | 95001HHF1
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