Wells Fargo offers fixed-to-floating medium-term notes in two parts

By Mary-Katherine Stinson

Lexington, Ky., Oct. 16 – Wells Fargo & Co. intends to sell two tranches of senior redeemable fixed-to-floating rate notes, series W, with maturities in October 2029 (Cusip: 95000U3G6) and October 2034 (Cusip: 95000U3H4), according to preliminary pricing supplements.

For each tranche of notes, the fixed-rate period will end a year before the maturity date, on a date in October 2028 and October 2033, respectively, after which the notes will transition to compounded SOFR plus a margin.

Each tranche of notes will feature a make-whole period starting in October. The make-whole period ends in October 2028 for the 2029 notes and October 2033 for the 2034 notes, which are also the first par call dates. Beginning in September 2029, one month before maturity for the 2029 notes, and July 2034, three months before maturity for the 2034 notes, each tranche will be callable at par.

Wells Fargo Securities, LLC is the sole bookrunner.

Computershare Trust Co., NA is the security registrar.

The securities are expected to be issued at par, but the pricing supplement states it is possible that the notes could be issued with an original issue discount under rules governing notes with a fixed rate in addition to a qualified floating rate.

The financial services company is based in San Francisco.

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