Wells Fargo & Company Announces Final Results of Any and All Cash Tender Offer by Its Wholly-Owned Subsidiary

Rhea-AI Summary

Wells Fargo (NYSE: WFC) has announced the final results of its cash tender offer, which commenced on January 18, 2022, and expired on January 24, 2022. Wells Fargo Securities accepted $926,692,000 in aggregate principal amount of Securities, with an additional $4,595,000 still under guaranteed delivery procedures. The total payment for the accepted Securities is expected to be around $952,500,372 (excluding accrued interest). Payments for the Securities are anticipated on January 25, 2022, or January 27, 2022, for those under guaranteed delivery.

Positive

• Accepted $926,692,000 in Securities, indicating strong investor interest.
• Plans to complete payments for accepted Securities by January 25, 2022.

Negative

• None.

SAN FRANCISCO--(BUSINESS WIRE)-- Wells Fargo & Company (NYSE: WFC) today announced the final results of the previously announced cash tender offer (the “Offer”) by Wells Fargo Securities, LLC (“Wells Fargo Securities”), an indirect wholly-owned subsidiary of Wells Fargo & Company, which commenced on Jan. 18, 2022, to purchase any and all of the securities of Wells Fargo & Company listed in the table below (the “Securities”). The Offer expired on Jan. 24, 2022, at 5:00 p.m., New York City time (the “Expiration Date”). The Offer was made solely pursuant to the Offer to Purchase (the “Offer to Purchase”) and the related Notice of Guaranteed Delivery, each dated Jan. 18, 2022.

Facade of a Wells Fargo bank branch in Manhattan (Photo: Wells Fargo)

Wells Fargo Securities has accepted for purchase $926,692,000 aggregate principal amount of Securities validly tendered and not validly withdrawn prior to the Expiration Date, according to information provided by D.F. King & Co., Inc., the tender and information agent for the Offer. D.F. King & Co., Inc. has also advised that an additional $4,595,000 aggregate principal amount of Securities remain subject to guaranteed delivery procedures. Wells Fargo Securities will pay approximately $952,500,372 (excluding accrued and unpaid interest) for the Securities accepted for purchase, excluding Securities subject to guaranteed delivery procedures. Wells Fargo Securities expects to make payment for the accepted Securities in same-day funds today, Jan. 25, 2022 (or Jan. 27, 2022 for Securities tendered by guaranteed delivery). The aggregate principal amount of Securities accepted for purchase is set forth in the table below.

Title of Securities	CUSIP Number	Principal Amount Outstanding	Principal Amount Tendered at Expiration Date and Accepted for Purchase	Principal Amount Subject to Guaranteed Delivery Procedures
3.45% Subordinated Notes due February 13, 2023	94974BFJ4	$2,000,000,000	$926,692,000	$4,595,000

D.F. King & Co., Inc. is serving as the tender agent and information agent. Requests for documents may be directed to D. F. King & Co., Inc. by telephone at 212-269-5550 (banks and brokers) or 1-800-967-4607 or e-mail at wfc@dfking.com. Questions regarding the Offer may be directed to Wells Fargo Securities at 704-410-4759 or collect at 1-866-309-6316 or e-mail at liabilitymanagement@wellsfargo.com.

This press release is for informational purposes only and does not constitute an offer to purchase or the solicitation of an offer to sell any Securities.

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a leading financial services company that has approximately $1.9 trillion in assets, proudly serves one in three U.S. households and more than 10% of small businesses in the U.S., and is the leading middle market banking provider in the U.S. We provide a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management. Wells Fargo ranked No. 37 on Fortune’s 2021 rankings of America’s largest corporations. In the communities we serve, the company focuses its social impact on building a sustainable, inclusive future for all by supporting housing affordability, small business growth, financial health, and a low-carbon economy. News, insights, and perspectives from Wells Fargo are also available at Wells Fargo Stories.

Additional information may be found at www.wellsfargo.com | Twitter: @WellsFargo.

News Release Category: WF-CF

View source version on businesswire.com: https://www.businesswire.com/news/home/20220125005486/en/

Media

Beth Richek, 704-374-2545

Beth.Richek@wellsfargo.com

Investor Relations

Tanya Quinn, 415-396-7495

tanya.quinn@wellsfargo.com

Source: Wells Fargo & Company

FAQ

What was the final amount accepted in Wells Fargo's cash tender offer?

Wells Fargo accepted $926,692,000 in aggregate principal amount of Securities.

What is the expected payment amount for the accepted Securities?

The total payment for the accepted Securities is expected to be approximately $952,500,372 (excluding accrued interest).

When did Wells Fargo's cash tender offer expire?

The cash tender offer expired on January 24, 2022, at 5:00 p.m. New York City time.

When will payment for the accepted Securities be made?

Payment for accepted Securities is expected to be made on January 25, 2022, or January 27, 2022, for those under guaranteed delivery procedures.