Published on 9/3/2014 in the Prospect News Investment Grade Daily.
New Issue: Wells Fargo prices $4.35 billion of notes in three tranches
By Aleesia Forni
Virginia Beach, Sept. 3 – Wells Fargo & Co. sold $4.35 billion of senior notes (A2/A+/AA-) in three tranches, according to three separate 424B2 filings with the Securities and Exchange Commission.
The sale included $450 million of three-year floating-rate notes priced at par to yield Libor plus 26 basis points.
There was also a $1.65 billion tranche of 1.4% notes due 2017 priced at 99.901 to yield 1.434%, or Treasuries plus 47 bps.
A third tranche was $2.25 billion of 3.3% 10-year notes sold at 99.73 to yield 3.332%, or Treasuries plus 92 bps.
Wells Fargo & Co. LLC is the bookrunner.
Wells Fargo is a San Francisco-based bank.
| Issuer: | Wells Fargo & Co.
|
| Issue: | Senior notes
|
| Amount: | $4.35 billion
|
| Bookrunner: | Wells Fargo & Co. LLC
|
| Co-managers: | ANZ Securities Inc., BB Securities Ltd., BB&T Capital Markets, CIBC World Markets Corp., Desjardins Securities Inc., TD Securities (USA) LLC
|
| Junior co-managers: | Apto Partners LLC, Blaylock Beal Van, LLC, Loop Capital Markets LLC, Samuel A. Ramirez & Co.
|
| Trade date: | Sept. 2
|
| Settlement date: | Sept. 9
|
| Ratings: | Moody’s: A2
|
| Standard & Poor’s: A+
|
| Fitch: AA-
|
| Distribution: | SEC registered
|
|
|
| Three-year floaters
|
| Amount: | $450 million
|
| Maturity: | Sept. 8, 2017
|
| Coupon: | Libor plus 26 bps
|
| Price: | Par
|
| Yield: | Libor plus 26 bps
|
| Price talk: | Libor equivalent to three-year fixed-rate notes
|
|
|
| Three-year fixed-rate notes
|
| Amount: | $1.65 billion
|
| Maturity: | Sept. 8, 2017
|
| Coupon: | 1.4%
|
| Price: | 99.901
|
| Yield: | 1.434%
|
| Spread: | Treasuries plus 47 bps
|
| Price talk: | Treasuries plus mid-to high 50 bps area
|
|
|
| 10-year notes
|
| Amount: | $2.25 billion
|
| Maturity: | Sept. 9, 2024
|
| Coupon: | 3.3%
|
| Price: | 99.73
|
| Yield: | 3.332%
|
| Spread: | Treasuries plus 92 bps
|
| Price talk: | Treasuries plus 105 bps area
|
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