Wells Fargo’s 5.625% noncumulative preferred stock to list on NYSE on Tuesday

By Stephanie N. Rotondo

Seattle, April 24 – Wells Fargo & Co.’s $600 million of 5.625% $25-par series Y class A noncumulative perpetual preferred stock will be admitted to the New York Stock Exchange on Tuesday, a market source reported on Monday.

The ticker symbol will be “WFCPrY.”

The new issue came April 17. Price talk was 5.875%. The deal was increased from $250 million.

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

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

When declared, dividends will be paid on a quarterly basis. The preferreds become redeemable June 15, 2022 at par plus accrued dividends.

The issue can also be redeemed in whole upon a regulatory capital treatment event.

Proceeds will be used for general corporate purposes, including investments in or advances to subsidiaries, debt repayments and reducing outstanding commercial paper and other debts.

Wells Fargo is a San Francisco-based bank.

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