Wells Fargo calls all series O, X perpetual class A preferreds

By Marisa Wong

Los Angeles, Aug. 3 – Wells Fargo & Co. will redeem all of its non-cumulative perpetual class A preferred stock, series O and X, according to a company news release.

The redemption date is Sept. 15.

The redemption of all 26,000 series O preferred shares will trigger the redemption of 26 million related depositary shares. The redemption price will be equal to $25.00 per series O depositary share.

The redemption of all 46,000 shares of series X preferred shares will trigger the redemption of the 46 million related depositary shares. The redemption price will be equal to $25.00 per series X depositary share.

Because the redemption date is also the dividend payment date for the shares, the redemption prices do not include declared and unpaid dividends, Wells Fargo said.

Regular quarterly dividends will be paid separately in the customary manner on Sept. 15 to holders of record at the close of business on Aug. 31.

The redemption agent is Equiniti Trust Co.

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

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