By Andrea Heisinger
New York, March 25 - Wells Fargo & Co. priced an upsized $3.5 billion of notes (Aaa/AAA/AAA) in two tranches backed by the Federal Deposit Insurance Corp. late Wednesday, a source close to the deal said.
The size was originally $3 billion, with $250 million added to each tranche
The $1.75 billion of three-year floating-rate notes priced at par to yield three-month Libor plus 22 basis points.
The $1.75 billion of 2.125% three-year fixed-rate notes priced at 99.974 to yield 2.134%, or Treasuries plus 80.7 bps.
The notes are non-callable.
Bookrunners were Goldman Sachs & Co., J.P. Morgan Securities Inc., Morgan Stanley & Co. Inc. and Wachovia Capital Markets.
The bank is based in San Francisco.
| Issuer: | Wells Fargo & Co.
|
| Guarantor: | Federal Deposit Insurance Corp.
|
| Issue: | FDIC-backed notes
|
| Total amount: | $3.5 billion, upsized from $3 billion
|
| Bookrunners: | Goldman Sachs & Co., J.P. Morgan Securities Inc., Morgan Stanley & Co. Inc., Wachovia Capital Markets
|
| Trade date: | March 25
|
| Settlement date: | March 30
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
| Fitch: AAA
|
|
|
| Three-year floaters
|
| Amount: | $1.75 billion
|
| Maturity: | June 15, 2012
|
| Coupon: | Three-month Libor plus 22 bps
|
| Price: | Par
|
| Yield: | Three-month Libor plus 22 bps
|
| Call: | Non-callable
|
|
|
| Three-year notes
|
| Amount: | $1.75 billion
|
| Maturity: | June 15, 2012
|
| Coupon: | 2.125%
|
| Price: | 99.974
|
| Yield: | 2.134%
|
| Spread: | Treasuries plus 80.7 bps
|
| Call: | Non-callable
|
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