Chicago, July 25 – Wells Fargo & Co. sold an additional $750 million of notes that are fungible with a tranche that priced on July 18, according to a 424B2 filing with the Securities and Exchange Commission.
The add-on priced on July 22 and settles on Monday.
The notes are fungible with $3.5 billion of 11-year notes that start with a 4.897% rate that resets after 10 years to SOFR plus 210 basis points.
The add-on priced at 101.837 for a yield to worst of 4.665%.
The spread above the benchmark Treasury was 190 bps.
Starting after one year, the notes are redeemable with a make-whole premium of Treasuries plus 30 bps until July 24, 2032, then at par on the first par call date of July 25, 2033 and at par at any time during the last three months. The notes are also redeemable at par any time during the last three months.
Wells Fargo Securities LLC is the bookrunner.
The bank is based in San Francisco.
| Issuer: | Wells Fargo & Co.
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| Amount: | $750 million
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| Issue: | Senior redeemable fixed-to-floating rate notes
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| Maturity: | July 25, 2033
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| Bookrunner: | Wells Fargo Securities LLC
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| Coupon: | 4.897% starting rate, resets after 10 years to SOFR plus 210 bps
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| Price: | 101.837
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| Yield: | 4.665%
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| Spread: | Treasuries plus 190 bps
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| Call features: | Make-whole call starting after one year at Treasuries plus 30 bps until July 24, 2032; callable at par on July 25, 2033; callable at par at any time during last three months
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| Trade date: | July 22
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| Settlement date: | July 25
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| Distribution: | SEC registered
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| Cusip: | 95000U3B7
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| Original issue: | $3.5 billion of notes priced on July 18
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