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Wells Fargo Capital XI, 6.25% Enhanced TruPS Trust Preferred Securities
Ticker Symbol: FWF* CUSIP: 94979S207 Exchange: NYSE
* NOTE: This security is no longer trading as of 6/23/2012
Security has been Called for: Friday, June 15, 2012
From the 8-K filed with the SEC on 5/1/2012 -- On May 1, 2012, Wells Fargo & Company submitted redemption notices to the property trustee for each trust listed below, which will result in the redemption of the securities identified below on the date specified for each security. The redemption price for each security will be equal to 100% of the principal amount of the securities plus accumulated and unpaid distributions in the amount specified below. Under applicable regulatory capital guidelines issued by bank regulatory agencies, upon notice of redemption, the Capital Securities will no longer qualify as Tier 1 capital for the Company. This redemption is consistent with the capital plan the Company submitted to the Federal Reserve Board and the actions the Company previously announced on March 13, 2012, and will be funded with excess cash currently available to the Company.
Trust
Security Principal Amount Accumulated
Distributions
per Security CUSIP NYSE
Trading
Symbol Redemption
Date Trustee/Paying Agent
Wachovia Capital Trust IX
6.375% Trust
Preferred
Securities $800,000,000
($25 per Security)
$.402865 92978X201 WBPRC June 15, 2012 U.S. Bank National
Association
Wells Fargo Capital XI
6.25%
Enhanced
Trust Preferred
Securities $1,000,000,000
($25 per Security)
$.390625 94979S207 FWF June 15, 2012 The Bank of New
York Mellon Trust
Company, N.A.
(Trustee) ____________ Excerpt for the Wells Fargo news release of March 13, 2012 -- The Company also announced that the Federal Reserve did not object to its Capital Plan submitted in January 2012, or to the dividend rate increase and other capital actions included in the plan.
The plan also includes selective redemptions of trust preferred securities that no longer count as Tier 1 Capital under the Dodd-Frank Act. ____________ This security is possibly subject to an early call as a result of the occurrence of a capital treatment event (see prospectus for further information) stemming from the provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act which no longer allows the company to include the funds originating from this security as Tier 1 capital on their balance sheet.
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QUANTUMONLINE.COM SECURITY DESCRIPTION: Wells Fargo Capital XI, 6.25% Enhanced Trust Preferred Securities (Enhanced TruPS), liquidation amount $25 per share, guaranteed on a subordinated basis by Wells Fargo & Co. (NYSE: WFC) (See our definition of Guaranteed in our Glossary of Income Investing Terms for the technicalities of the guarantee), redeemable at the issuer's option on or after 6/15/2012 at $25 per share plus accrued and unpaid dividends, and maturing 6/15/2067. Distributions of 6.25% ($1.5625) per annum are paid quarterly on 3/15, 6/15, 9/15 & 12/15 to holders of record on the record date which is one business day prior to the payment date while the securities remain in book-entry form (NOTE: the ex-dividend date is at least 2 business days prior to the record date). Dividends paid by trust preferred securities are derived from interest paid to the underlying debt securities and therefore are NOT eligible for the 15% tax rate on dividends and are also NOT eligible for the dividend received deduction for corporate holders. The company has the right, at any time, to defer dividend payments for up to 40 consecutive quarters without giving rise to an event of default (but not beyond the maturity date) and up to 20 consecutive quarters before the alternative payment mechanism takes effect. The trust's assets consist of the 6.25% Junior Subordinated Deferrable Interest Debentures due 6/15/2067 which were purchased from the company using the funds generated from the sale of the trust preferred securities. See the IPO prospectus for further information on the trust preferred securities by clicking on the ‘Link to IPO Prospectus’ provided below.
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Go to Parent Company's Record (WFC)
IPO - 5/18/2007 - 40.00 Million Shares @ $25.00/share.
Link to IPO Prospectus
Previous Ticker Symbol: WFOCP Changed: 6/04/2007
Market Value $1000.0 Billion
Company's Online Information Links
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Company's Online SEC EDGAR Filings |
Company's Email Address Links |
Address and Phone Numbers |
Address: 420 Montgomery Street, San Francisco, CA 94163 |
Main Phone Number |
866-249-3302 |
Fax Number |
Not Available |
Investor Relations
Jim Rowe
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415-396-8216
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Toll Free Phone Number |
888-662-7865 |
CEO - John G. Stumpf |
CFO - Timothy J. Sloan |
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