Wells Fargo Real Estate’s 6.375% cumulative preferreds list on NYSE

By Stephanie N. Rotondo

Phoenix, Dec. 8 – Wells Fargo Real Estate Investment Corp.’s $240 million issue of 6.375% series A cumulative perpetual preferred stock listed on the New York Stock Exchange on Monday.

The deal came Thursday. The ticker symbol is “WFEPA.”

The new issue includes a $35 million over-allotment option.

Wells Fargo Securities LLC was the bookrunner. BofA Merrill Lynch, Morgan Stanley & Co. LLC and UBS Securities LLC were the joint lead managers.

When declared, dividends will be paid on a quarterly basis. The preferreds become redeemable on or after Dec. 11, 2019 but can be redeemed earlier upon the occurrence of a tax or regulatory event, or if the company has to register as an investment company.

The redemption price is par plus accrued dividends.

Proceeds will be used for general corporate purposes, including the acquisition of qualifying real estate investment trust assets. It is anticipated that net proceeds will be put toward reducing a line of credit.

Wells Fargo Real Estate Investment is a Minneapolis-based REIT.

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