Wells Fargo issues call for $5.78 billion securities from four trusts

By Toni Weeks

San Diego, Sept. 1 - Wells Fargo & Co. will redeem $5,777,500,000 of securities from four trusts, according to an 8-K filed Thursday with the Securities and Exchange Commission.

The company will fund the redemptions with available cash on Oct. 3.

Affected are the following securities, which will be redeemed at par plus accumulated distributions, as noted:

• $837.5 million of 7.85% trust preferred securities from Wachovia Capital Trust X to be redeemed at par of $25 plus $0.103576 in distributions per security;

• $2.5 billion of 7.7% fixed-to-floating-rate normal PPS securities from Wells Fargo Capital XIII to be redeemed at par of $1,000 plus $1.711111 in distributions per security;

• $690 million of 8.625% enhanced trust preferred securities from Wells Fargo Capital XIV, to be redeemed at par of $25 plus $0.107813 in distributions per security; and

• $1.75 billion of 9.75% fixed-to-floating-rate normal PPS securities from Wells Fargo Capital XV, to be redeemed at par of $1,000 plus $2.166667 per security.

U.S. Bank NA and Wells Fargo Bank, NA are the paying agents.

The financial services company is based in San Francisco.

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