Wells Fargo says remarketed senior debentures to be put back as principal drops below $50 million

By Jennifer Chiou

New York, March 17 - Wells Fargo & Co. announced required notices of a scheduled yield reset and a purchase right for its remarketed senior debentures due 2033.

Because less than $50 million principal amount of the debentures is outstanding, Wells Fargo said that a remarketing will not be conducted.

In addition, holders will be deemed to automatically elect to put back the debentures at 100% of their accreted principal amount in cash as of May 3.

The San Francisco-based diversified financial services company said that if any holders want to retain their debentures instead of requiring the company to purchase them, these holders must notify Wells Fargo Bank, NA, the paying agent, on or before April 16.

Citibank, NA is the trustee.

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