Wells Fargo partial greenshoe ups 4.375% preferreds to $1.05 billion

By Marisa Wong

Los Angeles, Feb. 9 – The underwriters of Wells Fargo & Co.’s recent offering of 4.375% series CC non-cumulative perpetual class A preferred stock exercised $50 million of their $150 million over-allotment option, lifting the size of the issue to $1.05 billion, according to an 8-K filing with the Securities and Exchange Commission.

Wells Fargo priced $1 billion of the $25-par series CC preferreds at par on Jan. 25, as previously reported.

Wells Fargo Securities, LLC is the bookrunner. Joint lead managers are BofA Securities Inc., J.P Morgan Securities LLC, Morgan Stanley & Co. LLC, RBC Capital Markets LLC, UBS Securities LLC, Citigroup Global Markets Inc., Goldman Sachs & Co. LLC and TD Securities (USA) LLC.

The preferreds are redeemable at par on or after March 15, 2026 or in whole at par before that date upon the incurrence of a regulatory capital treatment event.

Dividends will be payable quarterly on the 15th day of March, June, September and December of each year, beginning March 15, 2021.

Wells Fargo has applied to list the preferreds on the New York Stock Exchange under the symbol “WFCPrC.”

Wells Fargo plans to use the proceeds for general corporate purposes, including redeeming some or all of its outstanding preferred stock and related depositary shares.

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

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