New Issue: Wells Fargo prices $10.62 million step-up callable notes with 2% initial rate

By Angela McDaniels

Tacoma, Wash., Aug. 23 – Wells Fargo & Co. priced $10.62 million of step-up callable notes due Aug. 24, 2028, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate is 2% in years one through four, 3% in years five through nine, 4% in year 10, 6% in year 11 and 8% in year 12. Interest is payable semiannually.

The payout at maturity will be par.

The notes will be callable at par on any quarterly redemption date after four years.

Wells Fargo Securities LLC is the agent.

Issuer:	Wells Fargo & Co.
Issue:	Step-up callable notes
Amount:	$10,623,000
Maturity:	Aug. 24, 2028
Coupon:	2% in years one through four, 3% in years five through nine, 4% in year 10, 6% in year 11 and 8% in year 12; payable semiannually
Price:	Par
Payout at maturity:	Par
Call option:	At par quarterly beginning Aug. 24, 2020
Pricing date:	Aug. 19
Settlement date:	Aug. 24
Agent:	Wells Fargo Securities, LLC
Fees:	1.5%
Cusip:	94986RT50

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