Summary
Wells Fargo & Company (WFC) announced on February 12, 2020, its intention to redeem a portion of its outstanding preferred stock. Specifically, the company will fully redeem all remaining shares of its Fixed-to-Floating Rate Non-Cumulative Perpetual Class A Preferred Stock, Series K, by March 16, 2020. This action will result in no Series K Preferred Stock remaining outstanding. Additionally, Wells Fargo will conduct a partial redemption of its Non-Cumulative Perpetual Class A Preferred Stock, Series T, and its associated depositary shares. A total of 26,720 shares of Series T Preferred Stock and 26,720,000 corresponding depositary shares will be redeemed, leaving 5,280 shares of Series T Preferred Stock and 5,280,000 depositary shares still outstanding after March 16, 2020. Investors holding these specific preferred stock series should note these redemption dates and amounts.
Key Highlights
- 1Full redemption of all outstanding Series K Preferred Stock by March 16, 2020.
- 2Partial redemption of Series T Preferred Stock and its related depositary shares.
- 3The redemption date for both Series K and Series T Preferred Stock is March 16, 2020.
- 41,802,000 shares of Series K Preferred Stock will be redeemed.
- 526,720,000 depositary shares (representing 1/1,000th interest in Series T Preferred Stock) are part of the Series T redemption.
- 6After redemption, 5,280 shares of Series T Preferred Stock and 5,280,000 depositary shares will remain outstanding.