Wells Fargo’s 6% series V noncumulative preferreds to trade on NYSE beginning Wednesday

By Stephanie N. Rotondo

Phoenix, Sept. 15 – Wells Fargo & Co.’s $900 million of 6% series V class A noncumulative perpetual preferred stock will list on the New York Stock Exchange on Wednesday, according to a market source.

The ticker symbol will be “WFCPV.” The deal priced Sept. 8.

Wells Fargo Securities LLC was the bookrunner. Joint lead managers included BofA Merrill Lynch, Citigroup Global Markets Inc., Goldman Sachs & Co., UBS Securities LLC, RBC Capital Markets, Morgan Stanley & Co. LLC and J.P. Morgan Securities LLC.

The preferreds were issued as depositary shares representing a 1/1,000th interest.

When declared, dividends will be paid on the 15th day of March, June, September and December, beginning Dec. 15. The preferreds become redeemable Dec. 15, 2020 or upon a regulatory capital treatment event at par plus accrued dividends.

Proceeds will be used for general corporate purposes.

Wells Fargo is a San Francisco-based financial institution.

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