Published on 6/11/2019 in the Prospect News Investment Grade Daily.
New Issue: Wells Fargo gives details on $2.5 billion sale of 3.196% fixed-to-floaters due 2027
By Cristal Cody
Tupelo, Miss., June 11 – Wells Fargo & Co. sold $2.5 billion of 3.196% medium-term senior redeemable fixed-to-floating rate notes due June 17, 2027 (A2/A-/A+) on Monday at par to yield a spread of 117 basis points over Treasuries, according to additional details of the previously reported offering in a 424B2 filing with the Securities and Exchange Commission.
Initial talk was in the Treasuries plus 130 bps area.
The notes will reset on June 17, 2026 to a floating rate of Libor plus 117 bps.
Wells Fargo Securities LLC was the bookrunner.
The financial services company is based in San Francisco.
| Issuer: | Wells Fargo & Co.
|
| Amount: | $2.5 billion
|
| Description: | Series Q medium-term senior redeemable fixed-to-floating rate notes
|
| Maturity: | June 17, 2027
|
| Bookrunner: | Wells Fargo Securities LLC
|
| Senior co-managers: | BBVA Securities Inc., Capital One Securities, Inc., ICBC Standard Bank plc, Citizens Capital Markets, Inc., KeyBanc Capital Markets Inc., MUFG, Santander Investment Securities Inc. and SMBC Nikko Securities America, Inc.
|
| Co-managers: | Great Pacific Securities, Loop Capital Markets LLC, MFR Securities, Inc., Samuel A. Ramirez & Co., Inc. and Williams Capital Group, LP
|
| Coupon: | 3.196%; resets June 17, 2026 to Libor plus 117 bps
|
| Price: | Par
|
| Yield: | 3.196%
|
| Spread: | Treasuries plus 117 bps
|
| Call features: | Make-whole call on or after June 24, 2020 and before June 16, 2026 at Libor plus 20 bps; on or after April 16, 2027 at par
|
| Trade date: | June 10
|
| Settlement date: | June 17
|
| Ratings: | Moody’s: A2
|
| S&P: A-
|
| Fitch: A+
|
| Distribution: | SEC registered
|
| Price guidance: | Treasuries plus 130 bps area
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
