8-KExhibits & Filings

WELLS FARGO & COMPANY/MN 8-K Report, Exhibit Filing (May 24, 2016)

Filed May 24, 2016For Securities:WFCWFC-PDWFC-PCWFC-PYWFC-PAWFC-PLWFCNPWFC-PZ

Summary

This Form 8-K filing from Wells Fargo & Company (WFC) on May 24, 2016, primarily serves to report the issuance of $150,000,000 in Floating Rate Notes due May 24, 2021. This action indicates the company is actively managing its capital structure and potentially seeking to diversify its funding sources or meet operational needs through debt issuance. For investors, this filing signifies an addition to Wells Fargo's outstanding debt. The floating rate nature of the notes suggests that the interest expense will be subject to market rate fluctuations, which could impact profitability depending on the direction of interest rates. The filing includes the underwriting agreement, the form of the note, and a legal opinion, providing transparency on the terms and legal standing of this debt issuance.

Key Highlights

  • 1Wells Fargo & Company issued $150,000,000 in Floating Rate Notes.
  • 2The Notes mature on May 24, 2021.
  • 3This issuance is related to a Registration Statement on Form S-3.
  • 4The filing includes the Underwriting Agreement for the Notes.
  • 5The form of the Floating Rate Note is also provided as an exhibit.
  • 6A legal opinion from Faegre Baker Daniels LLP regarding the Notes is included.

Frequently Asked Questions

The main purpose of this 8-K filing is to report the issuance of $150,000,000 in Floating Rate Notes due May 24, 2021, and to provide associated documentation such as the Underwriting Agreement, the form of the Note, and a legal opinion.

The Notes have a principal amount of $150,000,000, they are floating rate notes, and they mature on May 24, 2021.

This issuance increases Wells Fargo's total debt, affecting its leverage ratios and potentially its net interest income, depending on how the floating interest rate performs against its asset yields.

The filing includes the Underwriting Agreement, the form of the Floating Rate Note, and a legal opinion from Faegre Baker Daniels LLP concerning the Notes. The consent of Faegre Baker Daniels LLP is also included.