Summary
This 8-K filing from Wells Fargo & Company/MN (WFC) on September 3, 2019, primarily serves to disclose the issuance of new Medium-Term Notes, Series A, with principal at risk, linked to the performance of specific ETFs. These notes, issued by Wells Fargo Finance LLC and guaranteed by Wells Fargo & Company, have a maturity date of September 10, 2020. The filing includes the form of the Notes, an opinion from Faegre Baker Daniels LLP regarding the Notes and the Guarantee, and the consent of the legal counsel. For investors, this report signifies ongoing debt issuance activities by Wells Fargo, specifically the introduction of a structured note product tied to the performance of the oil & gas, retail, and biotech sectors. Investors considering these notes should carefully evaluate the 'principal at risk' feature and the underlying ETF performance.
Key Highlights
- 1Wells Fargo Finance LLC issued new Medium-Term Notes, Series A.
- 2These Notes are 'Principal at Risk Securities' linked to the lowest performing of three specific ETFs (SPDR S&P Oil & Gas Exploration & Production ETF, SPDR S&P Retail ETF, and SPDR S&P Biotech ETF).
- 3The Notes have a maturity date of September 10, 2020.
- 4Wells Fargo & Company (WFC) provides a full and unconditional guarantee for these Notes.
- 5The filing includes the form of the Notes as an exhibit.
- 6Legal opinions and consents from Faegre Baker Daniels LLP regarding the Notes and Guarantee are filed.
- 7This filing is in connection with a previously filed Registration Statement on Form S-3.