Wells Fargo plans floaters, fixed-to-floaters in three parts

By Marisa Wong

Los Angeles, April 18 – Wells Fargo & Co. plans to price senior redeemable notes, series U, in three tranches, according to 424B2 filings with the Securities and Exchange Commission.

Wells Fargo is offering floating-rate notes due April 2026. Interest will be based on SOFR. The notes will be callable in whole in April 2025 and in whole or in part beginning in March 2026, in each case at par.

The other four-year tranche will consist of fixed-to-floating rate notes. The coupon will be fixed initially and will then convert to a floating rate based on SOFR. The notes will feature a make-whole call from May 2023 until April 2025 and then a par call after that, initially in whole and then in whole or in part beginning in March 2026.

The third tranche will be fixed-to-floating rate notes due April 2053. The coupon will be fixed initially and will then convert to a floating rate based on SOFR. The notes will feature a make-whole call from May 2023 until April 2052 and then a par call after that, initially in whole and then in whole or in part beginning in October 2052.

Wells Fargo Securities, LLC is the bookrunner.

The bank is based in San Francisco.

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