Summary
Wells Fargo & Company/MN (WFC) filed an 8-K on May 7, 2019, primarily to disclose the issuance of several series of Medium-Term Notes, Series A, by its subsidiary, Wells Fargo Finance LLC. These notes are 'Principal at Risk Securities,' meaning their principal repayment is linked to the performance of various market indices, including the S&P 500®, iShares® MSCI Emerging Markets ETF, S&P 500® Value Index, Invesco DB Commodity Index Tracking Fund, and a combination of the Russell 2000® Index and the S&P 500® Index. Crucially for investors in Wells Fargo & Company itself, these notes are fully and unconditionally guaranteed by the parent company. This filing serves to make publicly available the specific forms of these complex notes and a legal opinion from Faegre Baker Daniels LLP regarding the notes and the guarantee. The report does not contain new financial statements or material business updates for Wells Fargo & Company but rather focuses on the documentation related to these specific debt issuances by its subsidiary.
Key Highlights
- 1Wells Fargo Finance LLC issued six series of 'Principal at Risk Securities' under Medium-Term Notes, Series A, on May 6, 2019.
- 2The principal repayment of these notes is contingent on the performance of various market indices and ETFs.
- 3Wells Fargo & Company provides a full and unconditional guarantee for all issued notes.
- 4The filing includes the specific forms for each of the six distinct note series.
- 5A legal opinion from Faegre Baker Daniels LLP regarding the notes and the guarantee is included.
- 6The notes have varying maturity dates ranging from November 2020 to May 2024.
- 7This filing is related to a previously filed Registration Statement on Form S-3.