Wells Fargo 2012 Annual Report Download - page 188

Note 13: Long-Term Debt (continued)
(continued from previous page)
December 31,
2012 2011
Maturity Stated
(in millions) date(s) interest rate(s)
Other consolidated subsidiaries
Senior
Fixed-rate notes 2013-2019 2.774-4.38% 5,968 5,154
FixFloat notes 2020 6.795% through 2015, varies 20 20
Total senior debt - Other consolidated subsidiaries 5,988 5,174
Junior subordinated
Floating-rate notes 2027 0.813% 155 155
Total junior subordinated debt - Other
consolidated subsidiaries (3) 155 155
Long-term debt issued by VIE - Fixed rate 2015-2023 5.16-6.34% 105 81
Long-term debt issued by VIE - Floating rate 2015 1.606 10 -
Mortgage notes and other debt of subsidiaries 2013-2018 3.50-6.00 136 129
Total long-term debt - Other consolidated subsidiaries 6,394 5,539
Total long-term debt $ 127,379 125,354
(1) On March 30, 2009, Wells Fargo issued $1.75 billion of 2.125% fixed senior unsecured notes and $1.75 billion of floating senior unsecured notes that matured on
June 15, 2012. These notes were guaranteed under the Federal Deposit Insurance Corporation’s (FDIC) Temporary Liquidity Guarantee Program (TLGP) and were backed by
the full faith and credit of the United States.
(2) A significant portion consists of long-term notes where the performance of the note is linked to an embedded equity, commodity, or currency index, or basket of indices
accounted for separately from the note as a free-standing derivative. For information on embedded derivatives, see Note 16 – Free-standing derivatives. In addition, a
major portion consists of zero coupon callable notes where interest is paid as part of the final redemption amount.
(3) Represents junior subordinated debentures held by unconsolidated wholly owned trusts formed for the sole purpose of issuing trust preferred securities. See Note 8 for
additional information on our trust preferred security structures.
(4) Represents floating-rate extendible notes where holders of the notes may elect to extend the contractual maturity of all or a portion of the principal amount on a periodic
basis. The maturity of the notes may not be extended beyond 2018.
The aggregate carrying value of long-term debt that matures
(based on contractual payment dates) as of December 31, 2012,
in each of the following five years and thereafter, is presented in
the following table.
(in millions) Parent Company
2013 $ 10,192 15,961
2014 7,821 15,579
2015 8,582 12,763
2016 13,510 17,864
2017 9,283 13,454
Thereafter 26,845 51,758
Total $ 76,233 127,379
As part of our long-term and short-term borrowing
arrangements, we are subject to various financial and
operational covenants. Some of the agreements under which
debt has been issued have provisions that may limit the merger
or sale of certain subsidiary banks and the issuance of capital
stock or convertible securities by certain subsidiary banks. At
December 31, 2012, we were in compliance with all the
covenants.
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