Summary
Wells Fargo & Company (WFC) filed an 8-K on April 2, 2020, primarily to disclose the issuance of various Medium-Term Notes. These issuances consist of "Series T Notes" by Wells Fargo & Company and "Series A Notes" by Wells Fargo Finance LLC, which are guaranteed by the parent company. The filing details the specific maturities for the Series T Notes, ranging from April 2022 to April 2035. The Series A Notes include a variety of structured products, such as Principal at Risk Securities linked to different indices and individual stocks, with maturities in 2027 and 2024, among others. The purpose of this filing is to provide the forms of these notes and legal opinions regarding their issuance and guarantees.
Key Highlights
- 1Wells Fargo & Company and its subsidiary Wells Fargo Finance LLC issued new Medium-Term Notes on April 2, 2020.
- 2The issuance includes both traditional debt instruments (Series T Notes) and more complex structured products (Series A Notes).
- 3Series T Notes have diverse maturities, spanning from April 2022 to April 2035.
- 4Series A Notes are predominantly 'Principal at Risk Securities' linked to various market indices (S&P 500, Russell 2000, EURO STOXX 50, Dow Jones Industrial Average, Nasdaq-100) and specific equities (Netflix).
- 5All Series A Notes issued by Wells Fargo Finance LLC are fully and unconditionally guaranteed by Wells Fargo & Company.
- 6The filing includes the forms of these notes and legal opinions from Faegre Drinker Biddle & Reath LLP concerning the Series T Notes, Series A Notes, and the Guarantee.
- 7This filing indicates ongoing capital markets activity and product offerings by Wells Fargo during this period.