Wells Fargo solicits consents to amend convertibles

New York, Oct. 27 - Wells Fargo & Co. said it has begun a consent solicitation to amend its floating-rate convertible senior debentures due 2033.

The company is seeking to be able to pay cash on conversion of the debentures if an event of default exists at that time. It is currently prohibited from paying cash in those circumstances although in other circumstances it can pay stock, cash or a combination to holders who convert.

The San Francisco-based financial services company will pay a consent fee of $2.50 per $1,000 original principal amount.

The offer is conditional on consents being received from holders of a majority of the convertibles.

The consent solicitation runs through 5 p.m. ET on Nov. 8.

Goldman, Sachs & Co. (800 828-3182), Merrill Lynch & Co. (888 654-8637) and Morgan Stanley (800 624-1808) are solicitation agents. Global Bondholder Services Corp. is the information agent (866 389-1500).

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