SAN FRANCISCO - December 6, 2013
Wells Fargo & Company (NYSE: WFC) announced today the final results of its previously announced private offers to exchange (i) any and all outstanding subordinated notes of Wells Fargo & Company listed in the table below (the “Parent Notes”) for new Subordinated Notes due January 16, 2024 of Wells Fargo & Company (the “2024 Notes”), and (ii) any and all subordinated notes of Wells Fargo Bank, N.A. listed in the table below (together with the Parent Notes, the “Old Notes”) for new Subordinated Notes due January 15, 2044 of Wells Fargo & Company (the “2044 Notes” and, together with the 2024 Notes, the “New Notes”) and cash, if any. The pricing terms were determined as of the price determination date (11:00 a.m., New York City time, on November 21, 2013) in accordance with the terms set out in the confidential offering circular for the exchange offers, dated November 6, 2013, and the related letter of transmittal.
Based on information provided by D.F. King & Co., Inc., the exchange agent for the exchange offers, the aggregate principal amount of Old Notes validly tendered for exchange and not validly withdrawn as of the expiration date for the exchange offers (11:59 p.m., New York City time, on December 5, 2013) is set out in the table below:
|CUSIP/ISIN Number||Old Notes||Issuer||Principal Amount Outstanding Prior to the Launch of the Exchange Offers||Principal Amount Tendered as of the Expiration Date|
|929903AE2/ US929903AE28||4.875% Subordinated Notes due February 15, 2014||Wells Fargo & Company||$900,000,000||$70,511,000|
|949746FS5/ US949746FS59||4.625% Subordinated Notes due April 15, 2014||Wells Fargo & Company||$500,000,000||$36,912,000|
|844730AG6/ US844730AG67||5.800% Subordinated Notes due June 15, 2014||Wells Fargo & Company||$400,000,000||$5,676,000|
|929903AJ1/ US929903AJ15||5.250% Subordinated Notes due August 1, 2014||Wells Fargo & Company||$1,500,000,000||$181,028,000|
|949746CR0/ US949746CR04||5.000% Subordinated Notes due November 15, 2014||Wells Fargo & Company||$850,000,000||$54,149,000|
|949746JE2/ US949746JE28||5.125% Subordinated Notes due September 15, 2016||Wells Fargo & Company||$850,000,000||$81,456,000|
|929903CH3/ US929903CH31||5.625% Subordinated Notes due October 15, 2016||Wells Fargo & Company||$1,250,000,000||$242,158,000|
|33738MAA9/ US33738MAA99||6.180% Subordinated Notes due February 15, 2036||Wells Fargo Bank, N. A.||$149,700,000||$99,918,000|
|33738KAA3/ US33738KAA34||6.180% Subordinated Notes due February 15, 2036||Wells Fargo Bank, N. A.||$150,000,000||$67,955,000|
|94980VAG3/ US94980VAG32||5.950% Subordinated Notes due August 26, 2036||Wells Fargo Bank, N. A.||$1,000,000,000||$338,959,000|
|33738MAG6/ US33738MAG69||6.919% Subordinated Notes due December 15, 2036||Wells Fargo Bank, N. A.||$50,000,000||$38,206,000|
|92976GAG6/ US92976GAG64||5.850% Subordinated Notes due February 1, 2037||Wells Fargo Bank, N. A.||$1,500,000,000||$517,402,000|
|92976GAJ0/ US92976GAJ04||6.600% Subordinated Notes due January 15, 2038||Wells Fargo Bank, N. A.||$2,500,000,000||$1,086,367,000|
In accordance with the terms of the exchange offers, Wells Fargo & Company has accepted all of the Old Notes that were validly tendered for exchange. The final settlement took place on December 6, 2013.
Each exchange offer was conducted by Wells Fargo & Company upon the terms and subject to the conditions set forth in the confidential offering circular and the related letter of transmittal. The exchange offers were only extended, and copies of the offering documents were only made available, to holders of outstanding Old Notes that certified their status as (1) a “Qualified Institutional Buyer” as defined in Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”) or (2)(A) a person other than a “U.S. person” as defined in Rule 902 under Regulation S of the Securities Act and (B) if resident and/or located in any Member State of the European Economic Area that has implemented provisions of the Directive 2003/71/EC (as amended, including pursuant to Directive 2010/73/EU, the “Prospectus Directive”), a qualified investor as defined in Article 2.1(e) of the Prospectus Directive.
The New Notes are not registered under the Securities Act or any state securities laws. Therefore, the New Notes may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and any applicable state securities laws. Wells Fargo & Company has entered into a registration rights agreement with respect to each series of New Notes.
This press release is not an offer to sell or a solicitation of an offer to buy any security. The exchange offers were made solely by the confidential offering circular and related letter of transmittal and only to such persons and in such jurisdictions as is permitted under applicable law.
2000 (Financial Promotion) Order 2005 (the “Order”) or fall within Article 43 of the Order, or any other person to whom it may otherwise lawfully be communicated under the Order (all such persons together being referred to as “relevant persons”). The New Notes are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such New Notes was engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents.
This press release contains forward-looking statements, which are subject to risks and uncertainties. The forward-looking statements contain words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “will,” “may,” “likely” and similar expressions. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made and are not based on historical facts but instead represent Wells Fargo & Company’s then current expectations regarding future events, circumstances or results. Wells Fargo & Company undertakes no obligation to update or revise any forward-looking statements.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.5 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, the Internet (wellsfargo.com), and has offices in more than 35 countries to support the bank’s customers who conduct business in the global economy. With more than 265,000 full-time equivalent team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 25 on Fortune’s 2013 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially. Wells Fargo perspectives are also available at blogs.wellsfargo.com.