Wells Fargo & Company Announces Tender Offers by Its Wholly-Owned Subsidiary

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Rhea-AI Summary

Wells Fargo & Company (NYSE: WFC) has initiated cash tender offers to purchase up to $4.5 billion in aggregate principal amount of 11 series of its securities. This move is executed by Wells Fargo Securities, an indirect subsidiary of the company.

The offers aim to optimize the company’s capital structure and improve liquidity. The securities eligible for purchase include various notes due between 2021 and 2023, with specific amounts set for each series.

Positive

Initiation of cash tender offers for up to $4.5 billion, reflecting proactive capital management.
Improves liquidity and may enhance the company's capital structure.

Negative

None.

01/29/2021 - 09:44 AM

Wells Fargo & Company (NYSE: WFC) today announced the commencement of cash tender offers (the “Offers”) by Wells Fargo Securities, LLC (“Wells Fargo Securities”), an indirect wholly-owned subsidiary of Wells Fargo & Company, to purchase up to $4,500,000,000 combined aggregate principal amount (the “Maximum Tender Amount”) of the 11 series of Wells Fargo & Company securities listed in the table below (each, a “Series of Securities,” and collectively, the “Securities”).

Financial documents (Photo: Business Wire)

Title of
Security

CUSIP Number

Principal
Amount Outstanding

Tender Cap (1)

Acceptance Priority
Level (2)

Fixed Price (3)

Fixed
Spread
(Basis Points) (3)

U.S. Treasury
Reference
Security

Bloomberg
Reference
Page

Early
Tender
Premium (4)

Floating Rate Notes due July 26, 2021

949746SB8

$1,200,000,000

N/A

$1,004.86

N/A

$30

3.069% Notes due Jan. 24, 2023

949746SK8

$3,750,000,000

N/A

+5 bps

0.125% U.S. Treasury Notes due
Jan. 31, 2023

FIT1

$30

2.625% Notes due July 22, 2022

95000U2B8

$3,750,000,000

$1,875,000,000

N/A

+0 bps

0.125% U.S. Treasury Notes due
Jan. 31, 2023

FIT1

$30

Floating Rate Notes due Jan. 24, 2023

949746SL6

$1,250,000,000

$625,000,000

$1,010.68

N/A

$30

3.50% Notes due March 8, 2022

94974BFC9

$2,500,000,000

$1,250,000,000

N/A

+7.5 bps

0.125% U.S. Treasury Notes due
Jan. 31, 2023

FIT1

$30

Floating Rate Notes due May 24, 2021

949746RZ6

$150,000,000

$45,000,000

$1,002.30

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