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

Rhea-AI Summary

Wells Fargo announced the final results of its cash tender offers for specific securities, which began on January 19, 2021, and concluded on January 25, 2021. The company accepted $440.68 million in securities, paying approximately $615.70 million, excluding accrued interest. Securities involved include the 5.375% Notes due February 7, 2035 and the 5.95% Capital Efficient Notes due December 15, 2086. An additional $135,000 remains subject to guaranteed delivery procedures. Payments for accepted securities are expected to be processed on January 26, 2021, or January 28, 2021, for guaranteed delivery.

Positive

• Accepted $440.68 million in securities tendered.
• Total payment of approximately $615.70 million for accepted securities indicates strong liquidity.

Negative

• Only 37.3% of the 5.375% Notes were accepted, indicating lower interest.
• Only 24.8% of the 5.95% Capital Efficient Notes were accepted.

Wells Fargo & Company (NYSE: WFC) today announced the final results of the previously announced cash tender offers (the “Offers”) by Wells Fargo Securities, LLC (“Wells Fargo Securities”), an indirect wholly-owned subsidiary of Wells Fargo & Company, which commenced on Jan. 19, 2021, to purchase any and all of the 5.375% Notes due Feb. 7, 2035 (CUSIP No. 949746JM4), and the 5.95% Capital Efficient Notes due 2086 (scheduled maturity Dec. 15, 2036; CUSIP No. 949746NL1), of Wells Fargo & Company listed in the table below (each, a “Series of Securities,” and collectively, the “Securities”). The Offers expired on Jan. 25, 2021, at 5:00 p.m., New York City time (the “Expiration Date”). The Offers were made solely pursuant to the Offer to Purchase (the “Offer to Purchase”) and the related Notice of Guaranteed Delivery, each dated Jan. 19, 2021.

Financial documents (Photo: Wells Fargo)

Wells Fargo Securities has accepted for purchase $440,680,000 aggregate principal amount of Securities validly tendered and not validly withdrawn prior to the Expiration Date, according to information provided by D.F. King & Co., Inc., the tender and information agent for the Offers. D.F. King & Co., Inc. has also advised that an additional $135,000 aggregate principal amount of Securities remain subject to guaranteed delivery procedures. Wells Fargo Securities will pay approximately $615,695,403 (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. 26, 2021 (or Jan. 28, 2021 for Securities tendered by guaranteed delivery). The aggregate principal amount of each Series of Securities accepted for purchase is set forth in the table below.

Title of Security	CUSIP Number	Principal Amount Outstanding	Principal Amount Tendered at Expiration Date and Accepted for Purchase	Principal Amount Subject to Guaranteed Delivery Procedures
5.375% Notes due Feb. 7, 2035	949746JM4	$750,000,000	$279,968,000	$113,000
5.95% Capital Efficient Notes due 2086 (scheduled maturity Dec. 15, 2036)	949746NL1	$646,885,000	$160,712,000	$22,000

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 1-877-283-0318 or email at wfc@dfking.com. Questions regarding the Offers may be directed to Wells Fargo Securities at 704-410-4759 or collect at 1-866-309-6316 or email 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 is a leading financial services company that has approximately $1.9 trillion in assets and proudly serves one in three U.S. households and more than 10% of all middle market companies 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 and Investment Management. Wells Fargo ranked No. 30 on Fortune’s 2020 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 Release Category: WF-CF

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FAQ

What were the final results of WFC's cash tender offers announced in January 2021?

Wells Fargo accepted $440.68 million in securities, paying approximately $615.70 million excluding interest.

What types of securities were involved in WFC's cash tender offers?

The securities included 5.375% Notes due February 7, 2035 and 5.95% Capital Efficient Notes due December 15, 2086.

When did Wells Fargo's cash tender offers expire?

The cash tender offers expired on January 25, 2021, at 5:00 p.m. New York City time.

What is the total principal amount of securities WFC accepted for purchase?

Wells Fargo accepted $440.68 million in principal amount of securities.

What is the expected payment date for the accepted securities by WFC?

Wells Fargo expects to process payments on January 26, 2021, or January 28, 2021 for guaranteed delivery.