Summary
Wells Fargo & Company (WFC) filed an 8-K on July 31, 2018, to disclose the issuance of three tranches of Medium-Term Notes, Series S, structured as Principal at Risk Securities. These notes are linked to various underlying assets, including ETFs for the oil and gas exploration & production and gold miners sectors, the S&P 500® Index, and individual stocks of Mylan N.V., American Airlines Group Inc., and Intel Corporation. The primary purpose of this filing is to provide the forms of these notes and the legal opinion from Faegre Baker Daniels LLP, as required in connection with a previously filed Registration Statement on Form S-3. Investors should note that these are structured products with principal risk, meaning the return of principal is subject to the performance of the specified underlying assets. The maturity dates for these notes are July 31, 2023, for the ETF and S&P 500 linked notes, and July 29, 2021, for the individually selected stocks. This filing does not indicate any changes in the company's overall financial performance but rather details specific debt offerings.
Key Highlights
- 1Wells Fargo issued three new series of Medium-Term Notes, Series S, on July 30, 2018.
- 2These notes are structured as Principal at Risk Securities, meaning investors may lose principal based on underlying asset performance.
- 3The underlying assets for the notes include specific ETFs (Oil & Gas, Gold Miners), the S&P 500® Index, and a basket of individual stocks (Mylan, American Airlines, Intel).
- 4Maturity dates vary, with some notes due July 31, 2023, and others due July 29, 2021.
- 5The purpose of the 8-K filing is to submit the note forms and a legal opinion from Faegre Baker Daniels LLP.
- 6These issuances are related to a Registration Statement on Form S-3 filed previously by Wells Fargo & Company.