By Andrea Heisinger
New York, Sept. 3 - Wells Fargo Capital XV priced $1.75 billion, or 1.75 million, perpetual fixed-to-floating-rate normal preferred purchase securities, market sources said.
The securities have a fixed rate of 9.75% until Sept. 26, 2013 and then a floating rate of three-month Libor plus 583 basis points.
The securities have a liquidation amount of $1,000 each.
The issue is callable on or after Sept. 26, 2013.
Bookrunners were J.P. Morgan Securities Inc., Citigroup Global Markets Inc. and Goldman Sachs & Co.
Co-manager was Wells Fargo Institutional Brokerage and Sales.
The financing arm of Wells Fargo & Co. bank is based in San Francisco.
| Issuer: | Wells Fargo Capital XV
|
| Issue: | Hybrid normal preferred purchase securities
|
| Amount: | $1.75 billion (1.75 million securities)
|
| Maturity: | Perpetual
|
| Bookrunners: | J.P. Morgan Securities Inc., Citigroup Global Markets Inc., Goldman Sachs & Co.
|
| Co-manager: | Wells Fargo Institutional Brokerage and Sales
|
| Coupon: | 9.75% until Sept. 26, 2013, then three-month Libor plus 583 bps
|
| Price: | Par of $1,000
|
| Call: | On or after Sept. 26, 2013
|
| Trade date: | Sept. 3
|
| Settlement date: | Sept. 10
|
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