Wells Fargo to redeem $1.58 billion 7.875% trust preferred securities

By Toni Weeks

San Luis Obispo, Calif., Jan. 29 - Wells Fargo & Co. will redeem $1,575,000,000 of 7.875% Wells Fargo Capital XII enhanced trust preferred securities, according to an 8-K filed with the Securities and Exchange Commission.

The securities will be redeemed at $25 par plus accumulated distributions of $0.4921875 per security on March 15.

Wells Fargo said it will fund the redemptions with excess cash.

Bank of New York Mellon Trust Co., NA is the trustee, and Wells Fargo Bank, NA's corporate trust services is the paying agent.

Wells Fargo is a San Francisco-based financial services firm.

© 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.