Summary
This 8-K filing by Wells Fargo & Company/MN (WFC) primarily concerns the issuance of new Medium-Term Notes, Series A by its subsidiary, Wells Fargo Finance LLC. These notes, due December 13, 2024, are structured as Principal at Risk Securities, with their performance linked to specific major stock market indices: the S&P 500® Index, and a basket of the Dow Jones Industrial Average®, Russell 2000® Index, and Nasdaq-100 Index®. Investors should note the "Principal at Risk" designation, indicating potential loss of principal based on market performance. The filing also confirms that Wells Fargo & Company provides a full and unconditional guarantee for these notes. The purpose of this report is to formally file the forms of these notes and the legal opinion from Faegre Drinker Biddle & Reath LLP regarding the notes and the guarantee. For investors in these specific notes, understanding the linkage to the underlying indices and the associated risks is crucial, especially given the uncertain market conditions prevalent around the filing date.
Key Highlights
- 1Wells Fargo Finance LLC issued new Medium-Term Notes, Series A on March 12, 2020.
- 2The notes are structured as "Principal at Risk Securities", meaning investors could lose principal.
- 3Note performance is linked to the S&P 500® Index or the lowest performing of the Dow Jones Industrial Average®, Russell 2000® Index, and Nasdaq-100 Index®.
- 4The maturity date for these notes is December 13, 2024.
- 5Wells Fargo & Company provides a full and unconditional guarantee for the notes.
- 6The filing includes the forms of the notes and a legal opinion from Faegre Drinker Biddle & Reath LLP.
- 7This report is related to a prior Registration Statement on Form S-3.