Summary
Wells Fargo & Company (WFC) filed an 8-K on December 26, 2017, primarily to disclose the issuance of new Medium-Term Notes, Series K. These notes are structured as Principal at Risk Securities, meaning investors' principal is at risk depending on the performance of underlying assets. Specifically, the payout is linked to the lowest performing of the Dow Jones Industrial AverageSM, the EURO STOXX 50® Index, and the iShares® MSCI EAFE ETF, with a maturity date of December 26, 2024. The filing's main purpose is to provide investors with the official documentation related to this debt issuance, including the form of the Note itself and a legal opinion from Faegre Baker Daniels LLP regarding these securities. This filing is not indicative of a significant change in the company's overall financial performance but rather pertains to a specific structured product offering.
Key Highlights
- 1Wells Fargo issued new Medium-Term Notes, Series K, on December 26, 2017.
- 2These notes are 'Principal at Risk Securities', meaning investors could lose part or all of their principal.
- 3The performance of the notes is tied to the lowest performing of three specific benchmarks: Dow Jones Industrial AverageSM, EURO STOXX 50® Index, and iShares® MSCI EAFE ETF.
- 4The maturity date for these notes is December 26, 2024.
- 5The 8-K filing includes the form of the note as an exhibit.
- 6A legal opinion from Faegre Baker Daniels LLP regarding the notes is also filed as an exhibit.
- 7The filing indicates the company is not an emerging growth company or has not elected to delay compliance with new accounting standards.