Wells Fargo Raises Debt Tender Offer to $2.2 Billion

Date : 06/13/2012 @ 9:33AM
Source : Dow Jones News
Stock : Wells Fargo & Company (WFC)
Quote : 55.225  0.285 (0.52%) @ 10:17AM

Wells Fargo Raises Debt Tender Offer to $2.2 Billion

Wells Fargo (NYSE:WFC)
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   By Victoria Stilwell 
 

Wells Fargo & Co. (WFC) increased the amount of debt it offered to repurchase to $2.2 billion as the offering was oversubscribed as of the early tender deadline.

Wells Fargo originally offered in late May to repurchase as much as $2 billion in debt. As of Tuesday's early tender date, $2.59 billion in notes had been validly tendered and not withdrawn from the offer, which expires the night of June 26.

The bank raised the maximum tender amounts for several series of notes. All other terms of the May offer remain unchanged.

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

Shares slipped 0.4% to $31.19 in premarket trading. Shares are up 16% in the last 12 months.

Write to Victoria Stilwell at Victoria.Stilwell@dowjones.com

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