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Wachovia Capital Trust III, 5.80% WITS Fixed-to Floating Income Trust Securities
Ticker Symbol: TEMP66* CUSIP: 92978AAA0 Exchange: NYSE
* NOTE: This security is no longer trading as of 3/15/2021
Security has been Called for: Monday, March 15, 2021
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February 10, 2020 -- Wells Fargo & Company (NYSE: WFC) today announced that on March 15, 2021, Wachovia Capital Trust III (the “Trust”) will redeem all 2,500,000 of its 5.80% Fixed-to-Floating Rate Normal Wachovia Income Trust Securities, fully and unconditionally guaranteed (the “Guarantee”) by Wells Fargo & Company (the “Normal WITS”) (NYSE: WFC /TP). The Normal WITS are mandatorily redeemable on such date as a result of the redemption by Wells Fargo & Company of its Class A Preferred Stock, Series I (the “Series I Preferred Shares”), held by U.S. Bank National Association as Property Trustee of the Trust. The redemption price will be equal to $1,000.00 per Normal WITS. After giving effect to the redemptions, no Normal WITS or Series I Preferred Shares will remain outstanding. The Guarantee will also terminate upon redemption of the Normal WITS. January 1, 2009 -- Wells Fargo & Company (NYSE: WFC) said today it has completed its merger with Wachovia Corporation, effective December 31, 2008.
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QUANTUMONLINE.COM SECURITY DESCRIPTION: Wachovia Capital Trust III, 5.80% Fixed-to Floating Normal Wachovia Income Trust Securities (Normal WITS), liquidation amount $1000 per WITS, initially consisting of Normal Units which include a 1/100th interest in a stock purchase contract and a 5.80% Remarketable Junior Subordinated Note due 3/15/2042 with a principal amount of $1000. The stock purchase contract requires the trust to purchase for $100,000 one share of Wachovia's Non-Cumulative Perpetual Class A Preferred Stock on 3/15/2011 (this date may vary). After the stock purchase date the corresponding asset of the WITS will be a 1/100th interest in the preferred stock. The Normal Units pay initial noncumulative semiannual distributions of 5.80% ($58.00) per annum on 3/15 & 9/15 to holders of record on the last day of the month prior to the payment date (NOTE: the ex-dividend date is one business day prior to the record date). After the exchange date. the preferred stock will pay quarterly distributions of the greater of the Three-Month LIBOR plus 0.93% or 5.56975% per annum on 3/15, 6/15, 9/15 & 12/15 to holders of record on the last day of the month prior to the payment date. The junior subordinated notes are pledged as collateral to secure the holder's obligations under the stock purchase contract. The holder has the right at any time to convert the Normal Units to Stripped Units by the substitution of a specified zero-coupon U.S. Treasury security for the subordinated notes for the Junior Subordiated Notes or to Capital Units which include $1000 of the Junior Subordiated Notes and to later recreate Normal Units (see page 8 of the prospectus for details). The WITS are unsecured and subordinated securities which rank junior to the company's unsecured senior indebtedness, equally to the company's other subordinated indebtedness, and senior the the company's common stock. See the IPO prospectus for extensive additional information on the WITS and their exchange and maturity provisions by clicking on the ‘Link to IPO Prospectus’ provided below.
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Go to Parent Company's Record (WFC)
IPO - 1/27/2006 - 2.50 Million Shares @ $1000.00 /share.
Link to IPO Prospectus
Market Value $2.5 Billion
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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
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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