424B2 1 d565162d424b2.htm FINAL PRICING SUPPLEMENT NO. 4 FINAL PRICING SUPPLEMENT NO. 4

Filed Pursuant to Rule 424(b)(2)
Registration No. 333-269514

Pricing Supplement No. 4 dated October 16, 2023

(to Prospectus Supplement dated February 17, 2023

and Prospectus dated February 17, 2023)

WELLS FARGO & COMPANY

Medium-Term Notes, Series W

Senior Redeemable Fixed-to-Floating Rate Notes

You should read the more detailed description of the notes provided under “Description of Notes” in the accompanying prospectus supplement and “Description of Debt Securities” in the accompanying prospectus, as supplemented by this pricing supplement. The notes are unsecured obligations of Wells Fargo & Company (the “Company”), and all payments on the notes are subject to the credit risk of the Company. If the Company defaults on its obligations, you could lose some or all of your investment. The notes are not savings accounts, deposits or other obligations of any bank or nonbank subsidiary of the Company and are not insured by the Federal Deposit Insurance Corporation, the Deposit Insurance Fund or any other governmental agency. Certain defined terms used but not defined herein have the meanings set forth in the accompanying prospectus supplement and prospectus.

 

Aggregate Principal Amount

                 

Offered:

   $2,750,000,000

 

Trade Date:

   October 16, 2023

 

Original Issue Date:

   October 23, 2023 (T+5)

 

Stated Maturity Date:

  

October 23, 2029; on the stated maturity date, the holders of the notes will be entitled to receive a cash payment in U.S. dollars equal to 100% of the principal amount of the notes plus any accrued and unpaid interest.

 

Optional Redemption:

  

At our option, we may redeem the notes (i) in whole, but not in part, on October 23, 2028 (the “First Par Call Date”) or (ii) in whole at any time or in part from time to time, on or after September 21, 2029, in each case at a redemption price equal to 100% of the principal amount of the notes being redeemed plus accrued and unpaid interest thereon to, but excluding, the date of such redemption.

 

  

At our option, we may also redeem the notes, in whole at any time or in part from time to time, on any day included in the Make-Whole Redemption Period (as defined below), at a redemption price calculated as described under “Description of Debt Securities—Redemption and Repayment—Optional Make-Whole Redemption of Debt Securities.”

 

  

As used in connection with the notes:

 

  

The “Make-Whole Redemption Period” is the period commencing on and including October 30, 2024 and ending on and including October 22, 2028.

 


  

The “Make-Whole Spread” is 0.25%.

  

Any redemption may be subject to prior regulatory approval and will be effected pursuant to the procedures described under “Description of Debt Securities—Redemption and Repayment—Optional Redemption By Us” and “—Redemption and Repayment—Optional Make-Whole Redemption of Debt Securities”, as applicable, in the accompanying prospectus.

Price to Public (Issue Price):

  

100.00%, plus accrued interest, if any, from October 23, 2023

Agent Discount

(Gross Spread):

  

0.35%

  

All-in Price (Net of

Agent Discount):

  

99.65%, plus accrued interest, if any, from October 23, 2023

  

Net Proceeds:

  

$2,740,375,000

Interest Rate:

  

The notes will bear interest at a fixed rate from October 23, 2023 to, but excluding, October 23, 2028 (the “Fixed Rate Period”) and, if not previously redeemed, at a floating rate from, and including, October 23, 2028 to, but excluding, maturity (the “Floating Rate Period”).

                                         
Fixed Rate Terms

Fixed Rate Period:

  

See “Description of Debt Securities—Interest and Principal Payments” and “—Fixed Rate Debt Securities” in the accompanying prospectus for additional information.

Interest Rate:

  

6.303%

  

Interest Payment Dates:

  

Each April 23 and October 23, commencing April 23, 2024 and ending October 23, 2028

Benchmark:

  

UST 4.625% due September 30, 2028

  

Benchmark Yield:

  

4.703%

  

Spread to Benchmark:

  

+160 basis points

  

Re-Offer Yield:

  

6.303%

  
Floating Rate Terms

Floating Rate Period:

  

See “Description of Debt Securities—Interest and Principal Payments,” “—Floating Rate Debt Securities” and “—Floating Rate

 

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Debt Securities—Base Rates—Compounded SOFR Notes” in the accompanying prospectus for additional information.

Base Rate:   

Compounded SOFR

    
Spread:   

+179 basis points

    

Minimum Interest Rate for

an Interest Period:

  

0% per annum

    
Interest Payment Dates:   

Each January 23, April 23, July 23 and October 23, commencing January 23, 2029, and at maturity.

Calculation Agent:   

The Calculation Agent for the notes has not been appointed, but we will appoint a Calculation Agent prior to the commencement of the Floating Rate Period. An affiliate of ours may be appointed the Calculation Agent. Neither the Security Registrar nor the Paying Agent identified below shall be named as “our designee” or as Calculation Agent.

                                      

 

 

Listing:

   None     
          Principal Amount      

Agent (Sole Bookrunner):

  

Wells Fargo Securities, LLC

     $2,200,825,000    
Agents (Joint Lead Managers):   

ANZ Securities, Inc.

     27,500,000    
  

BBVA Securities Inc.

     27,500,000    
  

nabSecurities, LLC

     27,500,000    
  

Natixis Securities Americas LLC

     27,500,000    
  

CastleOak Securities, L.P.

     19,250,000    
  

Loop Capital Markets LLC

     19,250,000    
  

R. Seelaus & Co., LLC

     19,250,000    
  

Samuel A. Ramirez & Company, Inc.

     19,250,000    
Agents (Senior Co-Managers):   

Blaylock Van, LLC

     16,500,000    
  

Cabrera Capital Markets LLC

     16,500,000    
  

Roberts & Ryan Investments, Inc.

     16,500,000    
  

Telsey Advisory Group LLC

     16,500,000    

Agents (Co-Managers):

  

Apto Partners, LLC

     11,000,000    
  

CAVU Securities, LLC

     11,000,000    
  

C.L. King & Associates, Inc.

     11,000,000    
  

Guzman & Company

     11,000,000    
  

Independence Point Securities LLC

     11,000,000    
  

MFR Securities, Inc.

     11,000,000    
  

Multi-Bank Securities, Inc.

     11,000,000    
  

Penserra Securities LLC

     11,000,000    
  

Siebert Williams Shank & Co., LLC

     11,000,000    
   Stern Brothers & Co.      11,000,000    

 

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   Tigress Financial Partners LLC      11,000,000    
   ABN AMRO Securities (USA) LLC      10,313,000    
   BMO Capital Markets Corp.      10,313,000    
   BNY Mellon Capital Markets, LLC      10,313,000    
   Capital One Securities, Inc.      10,313,000    
   CIBC World Markets Corp.      10,313,000    
   Credit Agricole Securities (USA) Inc.      10,313,000    
   Huntington Securities, Inc.      10,313,000    
   Scotia Capital (USA) Inc.      10,313,000    
   ING Financial Markets LLC      10,312,000    
   Intesa Sanpaolo IMI Securities Corp.      10,312,000    
   Lloyds Securities Inc.      10,312,000    
   MUFG Securities Americas Inc.      10,312,000    
   RBC Capital Markets, LLC      10,312,000    
   SG Americas Securities, LLC      10,312,000    
   TD Securities (USA) LLC      10,312,000    
   Truist Securities, Inc.      10,312,000    
  

Falcon Square Capital LLC

     10,175,000    
     

 

 

   
  

 Total:

     $ 2,750,000,000    

Supplemental Plan of

Distribution:

  

On October 16, 2023, we agreed to sell to the Agents, and the Agents agreed to purchase, the notes at a purchase price of 99.65%, plus accrued interest, if any, from October 23, 2023. The purchase price equals the issue price of 100.00% less a discount of 0.35% of the principal amount of the notes.

United States Federal

Income Tax Considerations:

  

In the opinion of Faegre Drinker Biddle & Reath LLP, the notes should be considered variable rate debt securities that provide for stated interest at a fixed rate in addition to a qualified floating rate. See “United States Federal Income Tax Considerations—U.S. Federal Income Taxation of U.S. Holders—Debt Securities—Variable Rate Debt Securities” in the accompanying prospectus. Notwithstanding that we expect that the notes will be issued at par, under rules governing notes with a fixed rate in addition to a qualified floating rate, it is possible that the notes could be issued with OID. Whether the notes are issued with OID will be determined at the time of issue. Information regarding the determination of the amount of OID, if any, on the notes may be obtained by submitting a written request to Wells Fargo Bank, National Association, Treasury Funding Desk, N9310-060, 550 South Fourth Street, Minneapolis, MN 55415-1529.

  

Additional tax considerations are discussed under “United States Federal Income Tax Considerations” in the accompanying prospectus.

Security Registrar and

Paying Agent:

  

Computershare Trust Company, N.A., acting through its office at CTSO Mail Operations, 1505 Energy Park Drive, St. Paul, MN

 

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55108, Attn: CCT Administrator for Wells Fargo (or at such other place or places as may be designated from time to time).

CUSIP:    95000U3G6

Risk Factors

See “Risk Factors” in the accompanying prospectus for risk factors regarding the notes, including, in particular, the risk factors appearing under the heading “Risks Relating To SOFR, Compounded SOFR And A Benchmark Replacement.”

 

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