|
Wachovia Capital Trust IV, 6.375% Trust Preferred Securities
Ticker Symbol: WB-B* CUSIP: 92978U207 Exchange: NYSE
* NOTE: This security is no longer trading as of 4/13/2012
Security has been Called for: Friday, April 13, 2012
On March 14, 2012, Wells Fargo & Company submitted a redemption notice to the property trustee for Wachovia Capital Trust IV, which will result in the redemption of $875,000,000 liquidation amount of the 6.375% Trust Preferred Securities of the Trust (NYSE: WBPRB) on April 13, 2012. The redemption price for each Capital Security will equal 100% of the principal amount thereof plus accumulated but unpaid distributions of $0.132813. Payment of the distribution scheduled for March 15, 2012 will not be affected. The paying agent for the Capital Securities is U.S. Bank National Association. 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.
|
|
QUANTUMONLINE.COM SECURITY DESCRIPTION: Wachovia Capital Trust IV, 6.375% Trust Preferred Securities, liquidation amount $25 per share, guaranteed by Wachovia Corp. (NYSE: WB) (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 3/15/2012 at $25 per share plus accrued and unpaid dividends, and maturing 3/15/2037 which may be extended to 3/1/2087. Distributions of 6.375% ($1.59375) per annum are paid quarterly 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. 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 five consecutive years before the alternative payment mechanism of selling common shares to pay dividends takes effect and up to ten consecutive years without giving rise to an event of default (but not beyond the maturity date). The trust's assets consist of the 6.375% Extendible Long Term Subordinated Notes (LoTS) due 3/15/2037, which may be extended to 3/1/2067, which were purchased from the company using the funds generated from the sale of the trust preferred securities. In regard to the payment of dividends and upon liquidation, the LoTS rank junior to the company's senior debt and senior to the common shares of the company. See the IPO prospectus for further information on the trust preferred securities by clicking on the ‘Link to IPO Prospectus’ provided below.
|
Go to Parent Company's Record (WFC)
IPO - 2/9/2007 - 32.00 Million Shares @ $25.00/share.
Link to IPO Prospectus
Previous Ticker Symbol: WVIVP Changed: 3/06/2007
Market Value $800.0 Million
|
Company's Online Information Links
|
| Company's Online SEC EDGAR Filings |
| Company's Email Address Links |
| Address and Phone Numbers |
| Address: One Wachovia Center, 301 South College Street, Suite 4000, Charlotte, NC 28288 |
| Main Phone Number |
704-374-6565 |
| Fax Number |
704-374-3425 |
| Investor Relations
Alice Lehman
|
704-374-4139
|
| Toll Free Phone Number |
800-922-4684 |
| CEO - Robert K. Steel |
CFO - Thomas J. Wurtz |
Find a problem? Please use our Feedback Page or Email us.
Have you filled out our Guestbook? If not, please do.
|
|
