Giant banker Wells Fargo and Company (WFC) is selling a new preferred stock.
As is typical for WFC the issue will be non-cumulative, qualified and investment grade.
The company MAY use the proceeds to call preferred stock per their ‘use of proceeds’ statement. The company has many currently outstanding preferred issues including a few with coupons of over 5% which are currently redeemable–they can be seen here.
EarlyBird got the worm on this one.