Wells Fargo & Company Issues $1.5 Billion Medium-Term Notes

Wells Fargo & Company has issued $1,500,000,000 in Medium-Term Notes, Series W, Senior Redeemable Fixed-to-Floating Rate Notes due April 23, 2031. The notes were issued under a Registration Statement on Form S-3 and are governed by an Indenture dated February 21, 2017. The notes have a fixed interest rate of 5.150% during the fixed rate period from April 23, 2025, to April 23, 2030. After this period, the interest rate will transition to a floating rate based on Compounded SOFR plus a spread of 1.50%. The notes are redeemable at the company's option, with specific redemption dates and prices outlined. The issuance was supported by legal opinions from Faegre Drinker Biddle & Reath LLP, confirming the notes' validity and enforceability.