Wells Fargo plans to sell senior redeemable fixed-to-floating inclusive communities, climate bonds

By Marisa Wong

Los Angeles, Aug. 8 – Wells Fargo & Co. plans to price senior redeemable fixed-to-floating rate notes due August 2026, according to a 424B2 filing with the Securities and Exchange Commission.

The series U medium-term notes will be classified as an inclusive communities and climate bond.

The interest rate will be fixed until August 2025, when it converts to a floating rate based on compounded SOFR and a fixed spread.

The notes will be callable at a make-whole price until August 2025 and then at par.

Wells Fargo Securities, LLC, Academy Securities, Inc., CastleOak Securities, LP, Drexel Hamilton, LLC, R. Seelaus & Co., LLC and Samuel A. Ramirez & Co., Inc. are the bookrunners.

Computershare Trust Co., NA is the registrar and paying agent.

Proceeds will finance or refinance loans or investments made by the company to support a combination of climate projects and inclusive communities projects. Inclusive communities and climate projects may include transactions originated or investments committed up to 24 months prior to the issuance of the notes.

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

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