By Marisa Wong
Morgantown, W.Va., March 24 – Wells Fargo & Co. priced $5.23 million of 0.125% equity basket-linked notes due March 29, 2021 linked to a basket of stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The basket includes Celgene Corp. with a 40% weight, Amgen Inc. with a 20% weight, Gilead Sciences, Inc. with a 20% weight and Regeneron Pharmaceuticals, Inc. with a 20% weight.
The notes, each with a principal amount of $1,000, were priced at $1,100 each for total proceeds of $5,747,500.
Interest will be payable semiannually.
The notes are callable at any time beginning on March 29, 2019.
The payout upon redemption or at maturity will be the greater of par and parity.
Parity on the pricing date is $904.977, which is less than the original offering price of the notes. On any subsequent trading day, parity will equal the sum of the products of the closing price of each basket stock and its share ratio on that day.
For each stock, its share ratio will equal (a) parity on the pricing date multiplied by the initial weight of that stock divided by (b) the initial price of that stock.
Wells Fargo Securities, LLC is the agent.
| Issuer: | Wells Fargo & Co.
|
| Issue: | Equity basket-linked notes
|
| Underlying basket: | Celgene Corp. (Nasdaq: CELG) with a 40% weight, Amgen Inc. (Nasdaq: AMGN) with a 20% weight, Gilead Sciences, Inc. (Nasdaq: GILD) with a 20% weight and Regeneron Pharmaceuticals, Inc. (Nasdaq: REGN) with a 20% weight
|
| Amount: | $5,225,000
|
| Proceeds: | $5,747,500
|
| Maturity: | March 29, 2021
|
| Coupon: | 0.125%, payable semiannually
|
| Price: | 110
|
| Payout at maturity: | Greater of par and parity
|
| Parity: | $904.977 on pricing date; on any subsequent trading day, the sum of the products of the closing price of each basket stock and its share ratio on that day
|
| Share ratio: | 3.65809 for Celgene, 1.24305 for Amgen, 2.00220 for Gilead and 0.49689 for Regeneron
|
| Call option: | At any time beginning March 29, 2019
|
| Initial prices: | $98.9563 for Celgene, $145.6058 for Amgen, $90.3984 for Gilead and $364.2595 for Regeneron
|
| Pricing date: | March 21
|
| Settlement date: | March 29
|
| Agent: | Wells Fargo Securities, LLC
|
| Fees: | None
|
| Cusip: | 94986RJ28
|
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