By Andrea Heisinger
New York, Aug. 12 - Wells Fargo Capital XIV raised $600 million through the sale of 24 million 8.625% 60-year enhanced trust preferred securities Tuesday at par of $25, according to an informed source and an FWP filing with the Securities and Exchange Commission.
There is a $90 million greenshoe allowing the sale of another 3.6 million securities.
The securities (Aa2/AA-/AA-) are callable in whole or in part after Sept. 15, 2013 at par plus accrued and unpaid interest. They are callable in whole before this date.
The preferreds came at the tight end of price talk, which was 8.625% to 8.75%, the source said.
Bookrunners were Citigroup Global Markets Inc., Merrill Lynch, Pierce, Fenner & Smith Inc. and Morgan Stanley & Co., Inc.
Joint lead managers were UBS Securities LLC and Wells Fargo Securities LLC, with co-managers J.P. Morgan Securities Inc., Lehman Brothers Inc., Raymond James & Associates Inc. and RBC Dain Rauscher Inc.
The financing company for Wells Fargo & Co. is based in San Francisco.
| Issuer: | Wells Fargo Capital XIV
|
| Issue: | Enhanced trust preferred securities
|
| Amount: | $600 million
|
| Securities: | 24 million
|
| Greenshoe: | $90 million (3.6 million capital securities)
|
| Maturity: | Sept. 14, 2068
|
| Bookrunners: | Citigroup Global Markets Inc., Merrill Lynch, Pierce, Fenner & Smith Inc., Morgan Stanley & Co., Inc.
|
| Joint lead managers: | UBS Securities LLC, Wells Fargo Securities LLC
|
| Co-managers: | J.P. Morgan Securities Inc., Lehman Brothers Inc., Raymond James & Associates Inc., RBC Dain Rauscher Inc.
|
| Dividend: | 8.625%
|
| Price: | Par of $25
|
| Call: | In whole or in part on or after Sept. 15, 2013 at par plus accrued and unpaid interest
|
| Trade date: | Aug. 12
|
| Settlement date: | Aug. 19
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA-
|
| Fitch: AA-
|
| Price talk: | 8.625% to 8.75%
|
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