Published on 4/17/2023 in the Prospect News Investment Grade Daily.
New Issue: Wells Fargo prices $3.75 billion fixed-to-floaters due 2034
Chicago, April 17 – Wells Fargo & Co. priced a $3.75 billion offering of fixed-to-floating-rate notes due 2034 on Monday, according to a 424B2 filing with the Securities and Exchange Commission.
The initial 5.389% fixed rate will reset to SOFR plus 202 basis points starting on April 24, 2033, one year before the maturity date.
The notes priced at par, or at Treasuries plus 180 bps.
Wells Fargo may call the notes with a Treasuries plus 30 bps make-whole premium from May 1, 2024 to April 23, 2033. The notes will be callable at par on the April 24, 2033 reset date and then again starting Jan. 24, 2034 until the maturity date.
Wells Fargo Securities, LLC is the agent.
The financial services company is based in San Francisco.
| Issuer: | Wells Fargo & Co.
|
| Amount: | $3.75 billion
|
| Issue: | Senior redeemable fixed-to-floating rate notes
|
| Maturity: | April 24, 2034
|
| Bookrunner: | Wells Fargo Securities, LLC
|
| Joint lead managers: | Academy Securities, Inc., Blaylock Van, LLC, CastleOak Securities, LP, Penserra Securities LLC and Samuel A. Ramirez & Co., Inc.
|
| Senior co-managers: | BMO Capital Markets Corp., CIBC World Markets Corp., RBC Capital Markets, LLC, Scotia Capital (USA) Inc., TD Securities (USA) LLC, American Veterans Group, PBC, Drexel Hamilton, LLC, Independence Point Securities LLC, Siebert Williams Shank & Co., LLC and Stern Brothers & Co.
|
| Co-managers: | AmeriVet Securities, Inc., ANZ Securities, Inc., CAVU Securities, LLC, Commonwealth Bank of Australia, Credit Agricole Securities (USA) Inc., Desjardins Securities Inc., Goodbody Stockbrokers UC, Great Pacific Securities, ING Financial Markets LLC, Intesa Sanpaolo SpA, Lloyds Securities Inc., Loop Capital Markets LLC, MUFG Securities Americas Inc., nabSecurities, LLC, National Bank of Canada Financial Inc., Natixis Securities Americas LLC, R. Seelaus & Co., LLC, SEB Securities, Inc., Standard Chartered Bank, Telsey Advisory Group LLC
|
| Coupon: | 5.389% initial rate; resets to SOFR plus 202 bps starting April 24, 2033
|
| Price: | Par
|
| Yield: | 5.389%
|
| Spread: | Treasuries plus 180 bps
|
| Call features: | Make-whole call at Treasuries plus 30 bps from May 1, 2024 to April 23, 2033; callable at par on April 24, 2033; callable starting Jan. 24, 2034 and thereafter
|
| Trade date: | April 17
|
| Settlement date: | April 24
|
| Distribution: | SEC registered
|
| Cusip: | 95000U3D3
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
