Summary
Wells Fargo & Company (WFC) filed an 8-K on February 24, 2020, to report the issuance of new Medium-Term Notes, Series A by its subsidiary, Wells Fargo Finance LLC. These notes are structured as "Principal at Risk Securities" and are linked to the performance of specific stock market indices: the MSCI EAFE Index® and a basket of the Dow Jones Industrial Average®, the Russell 2000® Index, and the Nasdaq-100 Index®. The notes have a maturity date of November 30, 2023, and are fully guaranteed by the parent company, Wells Fargo & Company. This filing primarily serves to formally submit the documentation related to these new debt issuances, including the forms of the notes themselves and the legal opinion from Faegre Drinker Biddle & Reath LLP. Investors should note that these are structured products where the principal amount is at risk depending on the performance of the underlying indices. While this 8-K doesn't detail the specific terms of the principal at risk feature or the interest rates, it provides the foundational legal and offering documents for these notes.
Key Highlights
- 1Wells Fargo Finance LLC issued new Medium-Term Notes, Series A, on February 23, 2020.
- 2The notes are "Principal at Risk Securities," meaning the return of principal is dependent on market performance.
- 3One series of notes is linked to the MSCI EAFE Index®.
- 4Another series of notes is linked to the performance of the Dow Jones Industrial Average®, Russell 2000® Index, and Nasdaq-100 Index®.
- 5The maturity date for these notes is November 30, 2023.
- 6Wells Fargo & Company provides a full and unconditional guarantee for these notes.
- 7The 8-K filing includes the forms of the notes and a legal opinion from Faegre Drinker Biddle & Reath LLP.