Summary
Wells Fargo & Company/MN (WFC) filed an 8-K on February 25, 2020, primarily to report the issuance of new Medium-Term Notes, Series A. These notes, specifically "Principal at Risk Securities" linked to the Russell 2000® Index and the S&P 500® Index, were issued by Wells Fargo Finance LLC and are fully guaranteed by Wells Fargo & Company. This filing serves to make public the official forms of these specific note issuances and the legal opinion from Faegre Drinker Biddle & Reath LLP concerning the notes and the guarantee. Investors interested in the debt instruments offered by Wells Fargo should review these filings for details on the terms and legal standing of these new securities.
Key Highlights
- 1Wells Fargo Finance LLC issued new Medium-Term Notes, Series A, on February 24, 2020.
- 2The notes are "Principal at Risk Securities" linked to major market indices: Russell 2000® Index and S&P 500® Index.
- 3Wells Fargo & Company provides a full and unconditional guarantee for these notes.
- 4The 8-K filing includes the official forms of the issued notes as exhibits.
- 5A legal opinion from Faegre Drinker Biddle & Reath LLP regarding the notes and the guarantee is filed.
- 6This filing relates to a Registration Statement on Form S-3 previously filed by Wells Fargo & Company and Wells Fargo Finance LLC.
Frequently Asked Questions
The primary purpose of this 8-K filing is to publicly disclose the forms of the newly issued Medium-Term Notes, Series A, which are Principal at Risk Securities linked to the Russell 2000® Index and the S&P 500® Index, and to file the legal opinion from Faegre Drinker Biddle & Reath LLP related to these notes and Wells Fargo & Company's guarantee.
Wells Fargo Finance LLC issued these Medium-Term Notes, Series A. Wells Fargo & Company provides a full and unconditional guarantee for these notes.
'Principal at Risk Securities' indicates that investors could lose a portion or all of their principal investment. The return, and potentially the principal, is linked to the performance of the underlying index (Russell 2000® or S&P 500®). Investors should carefully review the specific terms and conditions of these notes to understand the risks involved.
The detailed terms of the notes are found within the 'Form of Medium-Term Notes, Series A, Principal at Risk Securities' exhibits (Exhibit 4.1 and 4.2) filed with this 8-K. The legal opinion (Exhibit 5.1) provides further insight into their legal standing.