Wells Fargo to redeem $1.2 billion of trust preferred securities

By Tali David

Minneapolis, Jan. 2 - Wells Fargo & Co. will redeem $1.2 billion of trust preferred securities issued by three of its trusts, according to an 8-K filed with the Securities and Exchange Commission.

The following will be redeemed at $25 par per security plus accumulated distributions on Feb. 4:

• $500 million of 5.85% Wells Fargo Capital VII securities;

• $200 million of 5.625% Wells Fargo Capital VIII securities; and

• $500 million of 5.625% Wells Fargo Capital IX securities.

Wells Fargo said it will fund the redemptions with excess cash.

Bank of New York Mellon Trust Co., NA is the trustee, and Wells Fargo Bank, NA's corporate trust services is the paying agent.

Wells Fargo is a San Francisco-based financial services firm.

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