Summary
Wells Fargo & Company/MN (WFC) filed an 8-K on July 3, 2019, primarily to disclose exhibits related to a new issuance of Medium-Term Notes, Series A. These notes, issued by Wells Fargo Finance LLC and due June 30, 2021, are principal-at-risk securities linked to the Vanguard® Extended Market ETF. Importantly, these notes are fully and unconditionally guaranteed by Wells Fargo & Company itself, providing a degree of comfort to potential investors regarding the creditworthiness of the issuer. The filing's main purpose is to provide the legal documentation associated with this specific debt offering. Investors and analysts can review the form of the note and the legal opinion from Faegre Baker Daniels LLP, which attests to the validity of the notes and the guarantee. This filing does not indicate any material financial performance changes or operational updates for Wells Fargo, but rather serves as a regulatory disclosure for a financing activity.
Key Highlights
- 1Wells Fargo Finance LLC issued new Medium-Term Notes, Series A, on July 2, 2019.
- 2The Notes are Principal at Risk Securities linked to the Vanguard® Extended Market ETF.
- 3Maturity date for the Notes is June 30, 2021.
- 4Wells Fargo & Company provides a full and unconditional guarantee for these Notes.
- 5The 8-K filing primarily serves to submit the form of the Note and a legal opinion as exhibits.
- 6The legal opinion is provided by Faegre Baker Daniels LLP.
- 7This filing is related to a Registration Statement on Form S-3 previously filed by WFC and Wells Fargo Finance LLC.