8-KExhibits & Filings

WELLS FARGO & COMPANY/MN 8-K Report, Exhibit Filing (Mar 30, 2009)

Filed March 30, 2009For Securities:WFCWFC-PDWFC-PCWFC-PYWFC-PAWFC-PLWFCNPWFC-PZ

Summary

This Wells Fargo & Company (WFC) 8-K filing from March 30, 2009, announces the issuance of $3.5 billion in new debt securities. Specifically, the company issued $1.75 billion in Floating Rate Notes due June 15, 2012, and $1.75 billion in 2.125% Fixed Rate Notes also due June 15, 2012. A crucial detail for investors is that these notes are guaranteed by the Federal Deposit Insurance Corporation (FDIC) under its Temporary Liquidity Guarantee Program. This government guarantee significantly reduces the credit risk associated with these debt instruments, providing investors with enhanced security. The filing also includes the forms of these notes and related legal opinions as exhibits.

Key Highlights

  • 1Wells Fargo issued $3.5 billion in new debt securities on March 30, 2009.
  • 2The issuance comprises $1.75 billion in Floating Rate Notes and $1.75 billion in Fixed Rate Notes, both maturing on June 15, 2012.
  • 3A key feature is the FDIC guarantee on these notes under the Temporary Liquidity Guarantee Program.
  • 4This FDIC guarantee significantly enhances the creditworthiness and security of the issued debt.
  • 5The filing includes the forms of the Fixed Rate and Floating Rate Notes as exhibits.
  • 6Legal opinions regarding the issuance are also filed as exhibits.

Frequently Asked Questions

This 8-K filing is to report the issuance of new debt securities by Wells Fargo and to file the associated documentation, including the forms of the notes and legal opinions, with the SEC.

Wells Fargo issued a total of $3.5 billion in debt. This includes $1.75 billion in Floating Rate Notes due June 15, 2012, and $1.75 billion in 2.125% Fixed Rate Notes due June 15, 2012.

The FDIC guarantee under the Temporary Liquidity Guarantee Program provides a significant level of security for the noteholders. It essentially assures that principal and interest payments will be made, as the FDIC backs the debt. This would typically make the notes more attractive to investors, especially during periods of financial market stress.

The specific terms and conditions of the Floating Rate Notes and Fixed Rate Notes are detailed in their respective forms, which are filed as Exhibits 4.1 and 4.2 to this 8-K filing. Legal opinions related to the issuance are also available as exhibits.