By Wendy Van Sickle
Columbus, Ohio, April 16 – Wells Fargo & Co. priced C$1.25 billion of 5.083% fixed-to-floating rate notes due 2028 (A1/BBB+/A+/DBRS: AAL) at par on Tuesday, according to an FWP filing with the Securities and Exchange Commission.
The interest rate will convert to Corra plus 104 basis points on April 26, 2027. The notes priced at the Government of Canada curve plus 113 bps.
The notes will be callable in whole only on April 26, 2027 and in whole or in part on or after March 26, 2028, in each case at par.
Scotia Capital Inc., BMO Nesbitt Burns Inc., CIBC World Markets Inc., RBC Dominion Securities Inc., TD Securities Inc. and Wells Fargo Securities Canada, Ltd. are the joint bookrunners.
Proceeds will be used for general corporate purposes.
The financial services company is based in San Francisco.
| Issuer: | Wells Fargo & Co.
|
| Amount: | C$1.25 billion
|
| Issue: | Fixed-to-floating rate notes
|
| Maturity: | April 26, 2028
|
| Bookrunners: | Scotia Capital Inc., BMO Nesbitt Burns Inc., CIBC World Markets Inc., RBC Dominion Securities Inc., TD Securities Inc. and Wells Fargo Securities Canada, Ltd.
|
| Co-managers: | Desjardins Securities Inc. and National Bank Financial Inc.
|
| Paying agent: | Computershare Trust Co., NA
|
| Counsel to issuer: | Faegre Drinker Biddle & Reath LLP
|
| Counsel to underwriters: | Gibson, Dunn & Crutcher LLP
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| Coupon: | 5.083%; resets to Corra plus 104 bps on April 26, 2027
|
| Price: | Par
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| Spread: | Government of Canada curve plus 113 bps
|
| Pricing date: | April 16
|
| Issue date: | April 23
|
| Ratings: | Moody’s: A1
|
| S&P: BBB+
|
| Fitch: A+
|
| DBRS: AA (low)
|
| Distribution: | SEC registered
|
| Cusip: | 949746TJ0
|
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