Summary
Wells Fargo & Company/MN (WFC) filed an 8-K report on July 2, 2019, to disclose details regarding the issuance of new Medium-Term Notes, Series A, by its subsidiary Wells Fargo Finance LLC. These notes are structured as various debt instruments with returns or principal repayment linked to the performance of market indices like the S&P 500® Index and the Russell 2000® Index. The parent company, Wells Fargo & Company, provides a full and unconditional guarantee for these debt obligations. This filing primarily serves to make publicly available the forms of these specific notes and the legal opinion from Faegre Baker Daniels LLP concerning their validity and the guarantee. For investors, this report highlights the ongoing debt issuance activities of Wells Fargo Finance LLC, backed by the parent company's guarantee, and indicates the company's use of structured financial products tied to market performance.
Key Highlights
- 1Wells Fargo Finance LLC issued three new series of Medium-Term Notes, Series A.
- 2The notes are linked to the performance of the S&P 500® Index and the Russell 2000® Index.
- 3One series of notes is structured as 'Principal at Risk Securities Linked to the Lowest Performing' index.
- 4Another series is 'Partial Principal at Risk Securities Linked to the S&P 500® Index'.
- 5Wells Fargo & Company provides a full and unconditional guarantee for all issued notes.
- 6The filing includes the forms of these notes and a legal opinion from Faegre Baker Daniels LLP.
- 7These issuances are related to an existing Registration Statement on Form S-3.