Wells Fargo to sell $25-par non-cumulative perpetual preferred stock

By James McCandless

San Antonio, Oct. 21 – Wells Fargo & Co. plans to price an offering of $25-par series AA non-cumulative perpetual class A preferred stock, according to a 424B2 filing with the Securities and Exchange Commission.

Wells Fargo Securities, LLC is the bookrunner.

The lead managers are BofA Securities, Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, RBC Capital Markets, LLC, UBS Securities LLC, Goldman Sachs & Co. LLC and TD Securities (USA) LLC.

Dividends are payable on March 15, June 15, Sept. 15 and Dec. 15, starting on Dec. 15, 2020.

The preferreds are redeemable on or after Dec. 15, 2025 at par. Prior to that, the preferreds are redeemable after a regulatory capital treatment event at par.

Wells Fargo plans to use the proceeds for general corporate purposes, including, but not limited to, the redemption of some or all of one or more series of its outstanding preferred stock and related depositary shares.

The company plans to list the preferreds on the New York Stock Exchange under the symbol “WFCPrA.”

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

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