Wells Fargo Offers To Repurchase $2 Billion In Debt

Date : 05/30/2012 @ 5:28PM
Source : Dow Jones News
Stock : Wells Fargo & Company (WFC)
Quote : 54.27  0.0 (0.00%) @ 4:13AM

Wells Fargo Offers To Repurchase $2 Billion In Debt

Wells Fargo (NYSE:WFC)
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Wells Fargo & Co. (WFC) offered to repurchase as much as $2 billion in debt in a tender offer that includes several series of notes that begin coming due next year.

The nine series of notes have a combined principal value outstanding of about $8.08 billion. Notes tendered will be accepted by priority, led by Well Fargo's 5.60% subordinated notes due 2016.

Holders that tender their notes by an early deadline set for June 12 will receive the full tender offer consideration for the particular series of notes, which would include an early tender payment of $30 per $1,000 of face value.

Wells Fargo in April reported that its first-quarter profit rose 13% as the giant bank was bolstered by a surge in mortgage banking, and company executives expressed confidence the housing market is approaching a turning point.

Shares were up 4 cents at $31.74 in recent after-hours trading. Through the close, the stock is up 15% this year.

-By Tess Stynes, Dow Jones Newswires; 212-416-2481; Tess.Stynes@dowjones.com

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