New Issue: Wells Fargo prices $3 million 10-year step-up callable notes with 3% initial rate

By Susanna Moon

Chicago, Dec. 15 – Wells Fargo & Co. priced $3 million of step-up callable notes due Dec. 6, 2027, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be 3% for the first five years, stepping up to 3.25% on Dec. 6, 2022 and to 4% on Dec. 6, 2025. Interest is payable semiannually.

The payout at maturity will be par.

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

Wells Fargo Securities LLC is the agent.

Issuer:	Wells Fargo & Co.
Issue:	Step-up callable notes
Amount:	$3 million
Maturity:	Dec. 6, 2027
Coupon:	3% initially, stepping up to 3.25% on Dec. 6, 2022 and to 4% on Dec. 6, 2025; payable semiannually
Price:	Par
Payout at maturity:	Par
Call option:	At par on any quarterly date beginning Dec. 6, 2022
Pricing date:	Dec. 4
Settlement date:	Dec. 6
Agent:	Wells Fargo Securities, LLC
Fees:	1.35%
Cusip:	95000N3K3

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