Wells Fargo commences cash tender offer for 3.45% notes due 2023

By Rebecca Melvin

Concord, N.H., Jan. 18 – Wells Fargo & Co. subsidiary Wells Fargo Securities, LLC announced a cash tender offer for any and all of its $2 billion outstanding 3.45% notes due Feb. 13, 2023 (Cusip: 94974BFJ4), according to a news release.

The company will pay a fixed-spread of 16 basis points over the reference security for a hypothetical tender offer consideration of $1,028.33, excluding interest.

This amount was based on the reference Treasury rate as of 5 p.m. ET on Jan. 14. The actual rate will be set at 2 p.m. ET on Jan. 24.

The offer is set to expire at 5 p.m. ET on Jan. 2. The settlement date is expected to be Jan. 25. Holders of securities that are purchased will also receive accrued and unpaid interest.

D.F. King & Co., Inc. (212 269-5550, 800 967-4607, wfc@dfking.com, www.dfking.com/wfc) is serving as the tender agent and information agent.

The offeror is Wells Fargo Securities (866 309-6316, 704 410-4759, liabilitymanagement@wellsfargo.com).

The financial services company is based in San Francisco.

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