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Wells Fargo & Co., 5.85% Dep Shares Fixed/Float Non-Cumul Perp Pfd Stock Ser Q
Ticker Symbol: WFC-Q* CUSIP: 949746556 Previous CUSIP: 949746655 Exchange: NYSE
* NOTE: This security is no longer trading as of 9/15/2023
Security has been Called for: Friday, September 15, 2023
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August 10, 2023 --Wells Fargo & Company (NYSE: WFC) today announced that on Sept. 15, 2023, it will redeem all 69,000 shares (the “Redeemed Series Q Preferred Shares”) of its 5.85% Fixed-to-Floating Rate Non-Cumulative Perpetual Class A Preferred Stock, Series Q (the “Series Q Preferred Stock”). The redemption of the Redeemed Series Q Preferred Shares will trigger the redemption of the 69,000,000 shares of the related depositary shares (the “Redeemed Series Q Depositary Shares”), each representing a 1/1,000 interest in a share of Series Q Preferred Stock (the “Series Q Depositary Shares”) (NYSE: WFC.PRQ). The redemption price will be equal to $25,000.00 per Redeemed Series Q Preferred Share and $25.00 per Redeemed Series Q Depositary Share. After giving effect to the redemption, no shares of the Series Q Preferred Stock or the Series Q Depositary Shares will remain outstanding.
Because the redemption date is also a dividend payment date for the Series Q Preferred Stock and the Series Q Depositary Shares, the redemption prices noted herein do not include declared and unpaid dividends. Regular quarterly dividends will be paid separately in the customary manner on Sept. 15, 2023, to holders of record at the close of business on Aug. 31, 2023. May 12, 2023 -- Wells Fargo issued a press release to provide notice tthat, Each series of Wells Fargo’s Fixed-to-Floating Rate Non-Cumulative Perpetual Class A Preferred Stock is governed by the terms of a certificate of designation (each, a “Certificate”) and will not transition to Three-month CME Term SOFR by operation of law or otherwise. The Certificate for each series specifically defines Three-month LIBOR to be a set rate (the “Set Rate”), as shown for each series in the table below, for a dividend period beginning on the date (the “Commencement Date”), as shown for each series in the table below, if Three-month LIBOR cannot otherwise be determined as provided in the applicable Certificate. In accordance with this definition of Three-month LIBOR, the dividend rate that will apply to any dividend payment date occurring after the applicable Commencement Date will be an annual rate equal to the Set Rate + the spread set forth in the Certificate for each series. The table in the press release outlines the previous Fallback provisions listed in the prospectus. The Fallback provision for the cessation of quote from LIBOR for this security iis to fall back to its use the fixed rate of 5.85% plus the adjustement of 3.09% (for a rate of 8.94%) As stated in the prospectus on page S-16.
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QUANTUMONLINE.COM SECURITY DESCRIPTION: Wells Fargo & Co., 5.85% depositary shares, each representing a 1/1,000th interest in a share of the Fixed-to-Floating Rate Non-Cumulative Perpetual Class A Preferred Stock, Series Q, liquidation preference $25 per depositary share, redeemable at the issuer's option on or after 9/15/2023 at $25 per depositary share plus declared and unpaid dividends, and with no stated maturity. Non-Cumulative fixed distributions of 5.85% per annum ($1.4625 per annum or $0.365625 per quarter) will be paid quarterly on 3/15, 6/15, 9/15 & 12/15 to holders of record on the record date that will be the last day of the month prior to the payment date or such other date fixed by the board (NOTE: the ex-dividend date is one business day prior to the record date). After 9/15/2023 distributions will be paid at an annual floating rate equal to three-month LIBOR plus 3.09%. Dividends paid by this preferred are eligible for the preferential income tax rate of 15% to a maximum of 20% depending on the holder's tax bracket (and under IRS specified holding restrictions) and are also eligible for the dividends received deduction for corporate holders (see page 114 of the prospectus for further information). This security is possibly subject to an early call as a result of the occurrence of a regulatory capital treatment event which no longer allows the company to include the funds originating from this security as Tier 1 capital on their balance sheet (see the prospectus for further information). This security was rated as Baa2 by Moody’s and BBB by S&P at the date of its IPO. In regard to the payment of dividends and upon liquidation, the preferred shares rank junior to the company's senior debt, equally with other preferreds of the company, and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.
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Go to Parent Company's Record (WFC)
IPO - 7/15/2013 - 60.00 Million Shares @ $25.00 /share.
Link to IPO Prospectus
Previous Ticker Symbol: WFCNL Changed: 7/23/2013
Market Value $ Million
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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
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415-371-2921
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| Toll Free Phone Number |
888-662-7865 |
| CEO - Charles W. Scharf |
CFO - Michael P. Santomassimo |
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