Summary
Wells Fargo & Company/MN (WFC) filed an 8-K on December 14, 2017, to report the issuance of new Medium-Term Notes, Series K. These notes are principal-at-risk securities, meaning the return is tied to the performance of specific underlying assets, in this case, the common stock of Celgene Corporation and Gilead Sciences, Inc. The notes are due to mature on December 16, 2024, and the return is linked to the *lowest performing* of the two stocks, introducing a specific risk profile for investors. The primary purpose of this filing is to include the official documentation for these notes, specifically the form of the note itself and the legal opinion from Faegre Baker Daniels LLP. Investors should note that this filing does not represent a change in financial performance or a new business development for Wells Fargo itself, but rather details a structured financial product offered by the company.
Key Highlights
- 1Wells Fargo issued new "Medium-Term Notes, Series K" with a maturity date of December 16, 2024.
- 2These are "Principal at Risk Securities", meaning potential loss of principal exists.
- 3The notes' performance is linked to the *lowest performing* of Celgene Corporation and Gilead Sciences, Inc. common stock.
- 4The filing includes the official form of the Note document.
- 5A legal opinion from Faegre Baker Daniels LLP regarding the Notes is included as an exhibit.
- 6The filing also includes the consent of Faegre Baker Daniels LLP.