Wells Fargo's $1.5 billion of 5.85% fixed-to-floating rate preferreds to list on NYSE Tuesday

By Stephanie N. Rotondo

Phoenix, July 22 - Wells Fargo & Co.'s $1.5 billion of 5.85% series Q class A fixed-to-floating rate noncumulative perpetual preferred stock is expected to list on the New York Stock Exchange on Tuesday, according to a market source.

The ticker symbol is "WFCPQ." The deal priced July 15.

The stock was issued as depositary shares representing a 1/1,000th interest.

Wells Fargo Securities LLC is the bookrunner.

The dividend will be fixed until Sept. 15, 2023, when the issue will begin paying a floating rate of Libor plus 309 basis points. When declared, dividends will be paid on the 15th day of March, June, September and December, beginning Sept. 15.

The preferreds become redeemable on Sept. 15, 2023 at par plus accrued dividends. The company can call the securities prior to that date upon the occurrence of a regulatory capital treatment event at par plus any declared dividends, but no accumulated dividends.

The San Francisco-based bank will use the proceeds for general corporate purposes.

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