Published on 12/2/2016 in the Prospect News Investment Grade Daily and Prospect News Preferred Stock Daily.
New Issue: Wells Fargo gives details about $2 billion sale of 4.75% 30-year notes
By Devika Patel
Knoxville, Tenn., Dec. 2 – Wells Fargo & Co. offered further details about a $2 billion issue of 4.75% 30-year subordinated notes in a 424B2 filed Friday with the Securities and Exchange Commission. The notes priced on Thursday with a spread of 165 basis points over Treasuries.
The non-callable notes due Dec. 7, 2046 priced on the tight side of guidance at 99.81 to yield 4.762%.
Wells Fargo Securities LLC was the bookrunner.
The financial services company is based in San Francisco.
| Issuer: | Wells Fargo & Co.
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| Amount: | $2 billion
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| Description: | Subordinated notes
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| Maturity: | Dec. 7, 2046
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| Bookrunner: | Wells Fargo Securities LLC
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| Senior co-manager: | TD Securities (USA) LLC
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| Co-managers: | Blaylock Beal Van, LLC, CastleOak Securities, LP, Drexel Hamilton, LLC, Lebenthal & Co., LLC, Loop Capital Markets LLC, Samuel A. Ramirez & Co. Inc., Williams Capital Group LP and Multi-Bank Securities, Inc.
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| Coupon: | 4.75%
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| Price: | 99.81
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| Yield: | 4.762%
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| Spread: | Treasuries plus 165 bps
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| Price guidance: | Treasuries plus 165 bps-170 bps area
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| Call feature: | Non-callable
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| Trade date: | Dec. 1
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| Settlement date: | Dec. 8
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