Wells Fargo gives consideration on offers for notes due 2035, 2036

By Taylor Fox

New York, Jan. 25 – Wells Fargo & Co. subsidiary Wells Fargo Securities, LLC announced the tender offer consideration on its offer to purchase any and all of its $750 million outstanding 5.375% notes due Feb. 7, 2035 (Cusip: 949746JM4) and its $646,885,000 5.95% capital efficient notes due 2086 with a scheduled maturity of Dec. 15, 2036 (Cusip: 949746NL1), according to a news release.

The offer expired at 5 p.m. ET on Monday.

Holders who tendered 2035 notes will receive $1,397.98 per $1,000 of notes, and holders who tendered 2036 notes will receive $1,395.70 per $1,000 of notes tendered. Holders will also receive accrued and unpaid interest.

Pricing was determined at 2 p.m. ET on Jan. 25 based on the 0.875% U.S. Treasury due Nov. 15, 2030 plus a spread of 105 basis points for the 2035 notes and the same Treasury plus 180 bps for the 2036 notes.

Settlement is expected on Jan. 26 for notes tendered by their holders and Jan. 28 for notes tendered by guaranteed delivery.

D.F. King & Co., Inc. (212 269-5550, 877 283-0318, 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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