WELLS FARGO ANNOUNCES RESULTS OF DEBT TENDER OFFER
SAN FRANCISCO — June 24, 2004
Wells Fargo & Company (NYSE: WFC) today announced the results of its previously announced tender offers for “any and all” of the outstanding securities of 17 different series of debt of the Company and its affiliates. The offers commenced on June 17, 2004, and expired at 11:59 p.m., New York City time, on Wednesday, June 23, 2004. At settlement (scheduled for tomorrow), the Company will pay approximately $2.44 billion in total (including interest) for all securities purchased. The Company expects to record a pre-tax charge to earnings of approximately $176 million, or approximately $.06 per share after tax, in the second quarter upon settlement of the transactions
“The completion of this tender offer is the latest example of our continued success in capitalizing on market opportunities to minimize our long-term funding costs,” said Howard Atkins, Chief Financial Officer. “In April, 2003, we completed one of the largest convertible debt offerings at what we believe was the highest conversion premium ever for a financial institution, and in March, 2004, we completed one of the largest global debt offerings ever for a financial institution. The debt retired in this tender offer had been previously issued at interest rates substantially above these recent financings and well above the Company’s current new issuance costs.”
Each offer in the tender offer was conditioned on the Company paying no more than $2.5 billion in total (including interest) for all securities purchased in all of the offers. To meet this condition, the Company terminated the offer for the following series:
Issuer : Wells Fargo Financial, Inc.
Title of Securities: 5.50% Senior Notes 2012 Series due August 1, 2012 (listed on the Luxembourg Stock Exchange)
CUSIP Number/(ISIN Number): 94975CAL1 (US94975CAL19)
For the remaining series, the table included in this news release provides the aggregate principal amount tendered and accepted.
Wells Fargo & Company is a diversified financial services company with $397 billion in assets, providing banking, insurance, investments, mortgage and consumer finance from more than 5,900 stores and the internet (wellsfargo.com) across North America and elsewhere internationally.
The following appears in accordance with the Private Securities Litigation Reform Act of 1995:
This news release contains forward-looking statements about the Company. Do not unduly rely on forward-looking statements. They give the Company’s expectations about the future and are not guarantees. Forward-looking statements speak only as of the date they are made, and the Company is not obligated to update them to reflect changes that occur after that date. The Company’s 2003 Annual Report on Form 10-K and March 31, 2004 Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission describe factors that could cause actual results to differ from expectations.