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Filed Pursuant to Rule 424(b)(5)
Registration No. 333-66089
PROSPECTUS SUPPLEMENT
- ----------------------------
(TO PROSPECTUS DATED APRIL 27, 1999)
$150,000,000
[LOGO]
WELLS FARGO FINANCIAL, INC.
FLOATING RATE SENIOR NOTES DUE DECEMBER 4, 2002
------------
These notes will bear interest at the prime rate determined in the manner
explained in this prospectus supplement minus 2.90% per year. Interest on the
notes will be determined daily. Interest on the notes is payable on March 4,
2002, June 4, 2002, September 4, 2002 and at maturity on December 4, 2002.
Interest on the notes will be determined daily. The notes are not redeemable
before December 4, 2002.
The notes are unsecured and rank equally with all of our other senior
unsecured and unsubordinated debt.
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Banc One Capital Markets, Inc. has agreed to purchase these notes from us at
100% of their principal amount, resulting in proceeds to us before expenses of
$150,000,000.
Neither the Securities and Exchange Commission nor any state securities
commission has approved or disapproved of the notes or determined if this
prospectus supplement and accompanying prospectus are truthful and complete. Any
representation to the contrary is a criminal offense.
The notes will be ready for delivery in New York, New York on or about
December 4, 2001.
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BANC ONE CAPITAL MARKETS, INC.
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The date of this prospectus supplement is November 27, 2001
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YOU SHOULD RELY ONLY ON THE INFORMATION CONTAINED IN OR INCORPORATED BY
REFERENCE IN THIS PROSPECTUS SUPPLEMENT AND THE ACCOMPANYING PROSPECTUS. WE HAVE
NOT AUTHORIZED ANYONE TO PROVIDE YOU WITH DIFFERENT INFORMATION. WE ARE NOT
MAKING AN OFFER OF THESE SECURITIES IN ANY STATE WHERE THE OFFER IS NOT
PERMITTED. YOU SHOULD NOT ASSUME THAT THE INFORMATION PROVIDED BY THIS
PROSPECTUS SUPPLEMENT OR THE ACCOMPANYING PROSPECTUS IS ACCURATE AS OF ANY DATE
OTHER THAN THE DATE ON THE FRONT OF THIS PROSPECTUS SUPPLEMENT.
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TABLE OF CONTENTS
<Table>
<Caption>
PAGE
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PROSPECTUS SUPPLEMENT
Selected Financial Data..................................... S-3
Ratios of Earnings to Fixed Charges......................... S-3
Description of the Notes.................................... S-3
Underwriting................................................ S-7
PROSPECTUS
Where You Can Find More Information About Wells Fargo
Financial................................................. 2
Incorporation of Information We File with the SEC........... 2
Wells Fargo Financial, Inc.................................. 3
Use of Proceeds............................................. 3
Ratios of Earnings to Fixed Charges......................... 3
Description of Debt Securities.............................. 3
Plan of Distribution........................................ 11
Legal Opinions.............................................. 12
Experts..................................................... 12
</Table>
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SELECTED FINANCIAL DATA
In our quarterly report on Form 10-Q for the quarter ended September 30,
2001, we reported total assets of $15,474,535,000, total liabilities of
$13,363,160,000 and total stockholder's equity of $2,111,375,000.
RATIOS OF EARNINGS TO FIXED CHARGES
Our ratio of earnings to fixed charges is set forth below for the periods
indicated:
<Table>
<Caption>
YEAR ENDED DECEMBER 31,
- ------------------------------------- NINE MONTHS ENDED
1996 1997 1998 1999 2000 SEPTEMBER 30, 2001
- ----- ----- ----- ----- ----- -------------------
2.11x 2.00x 1.72x 1.78x 1.58x 1.57x
</Table>
For the purpose of calculating the ratios of earnings to fixed charges we
have divided earnings plus fixed charges and income taxes by fixed charges.
Fixed charges consist of interest and debt expense plus the portion of rentals
which we deem to be representative of the interest factor.
DESCRIPTION OF THE NOTES
The following description of the particular terms of the notes offered by
this prospectus supplement and the accompanying prospectus supplements the
description of the general terms and provisions of the debt securities set forth
in the accompanying prospectus.
GENERAL
The notes will be issued under an indenture, dated as of May 1, 1986, as
amended and supplemented by a first supplemental indenture dated as of
February 15, 1991, between us and JPMorgan Chase Bank, as trustee, as successor
by way of merger to The Chase Manhattan Bank, as successor by way of merger to
The Chase Manhattan Bank (National Association).
PRINCIPAL AMOUNT, MATURITY AND INTEREST
We are issuing $150,000,000 of our notes which will mature on December 4,
2002. The notes will be sold only in denominations of $1,000 and any larger
amount that is an integral multiple of $1,000.
We will pay interest quarterly in arrears on March 4, 2002, June 4, 2002,
September 4, 2002, and on the maturity date. If any of the quarterly interest
payment dates listed above falls on a day that is not a business day, we will
postpone the interest payment date to the next succeeding business day. Interest
on the notes will be computed on the basis of a 360-day year for the actual
number of days elapsed.
The interest payable by us on a note on any interest payment date and on the
maturity date, subject to certain exceptions, will be paid to the person in
whose name that note is registered at the close of business on the fifteenth
calendar day of the month preceding that interest payment date, whether or not a
business day. However, interest that we pay on the maturity date will be payable
to the person to whom the principal will be payable.
Interest on the notes will accrue from, and including, December 4, 2001, to,
and excluding, the first interest payment date and then from, and including, the
immediately preceding interest payment date to which interest has been paid or
duly provided for to, but excluding, the next interest payment date or the
maturity date, as the case may be. We will refer to each of these periods as an
"interest period."
The amount of accrued interest that we will pay for any interest period can
be calculated by multiplying the face amount of the notes by an accrued interest
factor. This accrued interest factor is computed by adding the interest factor
calculated for each day from December 4, 2001, or from the last date we paid
interest to you, to the date for which accrued interest is being calculated. The
interest factor for each day is computed by dividing the interest rate
applicable to that day by 360.
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We refer to each day during an interest period as an "interest determination
date." The calculation agent appointed by us, JPMorgan Chase Bank, will
calculate the interest rate for each interest determination date on the
calculation date applicable to that interest determination date. The calculation
date applicable to each interest determination date which is a business day will
be that interest determination date and the calculation date applicable to each
interest determination date which is not a business day will be the business day
immediately preceding that interest determination date, except in the case of
the last business day in any interest period and any days in that interest
period which are not business days occurring subsequent to that last business
day, for each of which the applicable calculation date will be the business day
immediately preceding that last business day in that interest period.
The interest rate applicable to each interest determination date will be
equal to prime minus 2.90% per year.
"Prime" means, for any interest determination date, the rate for that
interest determination date set forth in Federal Reserve Board Release
No. H.15(519) on the Federal Reserve Board's website at www.Federalreserve.gov
by the end of the business day next following the calculation date opposite the
caption "bank prime loan," or, if not so published by the end of the business
day next following the calculation date pertaining to that interest
determination date, prime will be calculated by the calculation agent and will
be:
- the arithmetic mean of the rates of interest publicly announced by each
bank named on the Reuters Screen USPRIME 1 as that bank's prime rate or
base lending rate as in effect for that interest determination date as
quoted on the Reuters Screen USPRIME 1 on that interest determination
date;
- if fewer than four such rates appear on the Reuters Screen USPRIME 1 for
the interest determination date, the rate will be the arithmetic mean of
the prime rates quoted on the basis of the actual number of days in the
year divided by 360 as of the close of business on that interest
determination date by at least two of the three major money center banks
in The City of New York selected by the calculation agent from which
quotations are requested;
- if fewer than two quotations are quoted as mentioned above, the prime rate
for that interest determination date will be calculated by the calculation
agent and will be the arithmetic mean of the prime rates quoted in The
City of New York on that date by the appropriate number of substitute
banks or trust companies organized and doing business under the laws of
the United States, or any state of the United States, having total equity
capital of at least $500,000,000 and being subject to supervision or
examination by a federal or state authority, selected by the calculation
agent to quote that rate or rates; or
- if the prime rate is not published in H.15(519) and the banks or trust
companies selected as described above are not quoting as mentioned above,
the prime rate with respect to that interest determination date will be
the interest rate otherwise in effect on that interest determination date.
"Reuters Screen USPRIME 1" means the display designated as page "USPRIME 1"
on the Reuters Monitor Money Rates Service (or other page as may replace page
USPRIME 1 on that service for the purpose of displaying prime rates or base
lending rates of major United States banks).
As used in this prospectus supplement, "business day" means any day, other
than a Saturday or Sunday, that is neither a legal holiday nor a day on which
commercial banks are authorized or required by law, regulation or executive
order to close in The City of New York.
BOOK-ENTRY SYSTEM
Upon issuance, the notes will be represented by global securities registered
in the name of Cede & Co., as nominee of The Depository Trust Company, which
will act as the depositary for the notes. DTC has advised us as follows: it is a
limited-purpose trust company organized under the New York
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Banking Law, a "banking organization" within the meaning of the New York Banking
Law, a member of the Federal Reserve System, a "clearing corporation" within the
meaning of the New York Uniform Commercial Code and a "clearing agency"
registered pursuant to the provisions of Section 17A of the Securities Exchange
Act of 1934, as amended. DTC holds securities that its participants deposit with
it. DTC also facilitates the settlement among DTC participants of securities
transactions, such as transfers and pledges, in deposited securities through
electronic computerized book-entry changes in DTC participants' accounts,
thereby eliminating the need for physical movement of securities certificates.
DTC direct participants include securities brokers and dealers, banks, trust
companies, clearing corporations, and certain other organizations. DTC is owned
by a number of its direct participants and by The New York Stock Exchange, Inc.,
the American Stock Exchange, Inc., and the National Association of Securities
Dealers, Inc. Access to the DTC system is also available to others, such as
securities brokers and dealers, banks and trust companies, that clear through or
maintain a custodial relationship with a DTC direct participant, either directly
or indirectly. The rules applicable to DTC and its participants are on file with
the Securities and Exchange Commission.
Purchases of the notes under DTC's system must be made by or through DTC
direct participants, which will receive a credit for the floating rate notes on
DTC's records. The ownership interest of each actual purchaser of a note, or
beneficial owner, is in turn to be recorded on the DTC direct and indirect
participants' records. Beneficial owners will not receive written confirmation
from DTC of their purchase, but we expect beneficial owners to receive written
confirmations providing details of the transaction, as well as periodic
statements of their holdings, from the DTC direct or indirect participant
through which the beneficial owner entered into the transaction. Transfers of
ownership interests in the notes are to be accomplished by entries made on the
books of DTC participants acting on behalf of beneficial owners. Beneficial
owners will not receive certificates representing their ownership interests in
global securities, except in the event that use of the book-entry system for the
notes in discontinued.
To facilitate subsequent transfers, all notes deposited by DTC participants
with DTC are registered in the name of DTC's partnership nominee, Cede & Co. The
deposit of notes with DTC and their registration in the name of Cede & Co.
effect no change in beneficial ownership. DTC has no knowledge of the actual
beneficial owners of the notes; DTC's records reflect only the identity of the
DTC direct participants to whose accounts the notes are credited, which may or
may not be the beneficial owners. The DTC participants will remain responsible
for keeping account of their holdings on behalf of their customers.
As long as the floating rate notes are held by DTC or its nominee and DTC
continues to make its same-day funds settlement system available to us, we will
make all payments of principal of and interest on the floating rate notes in
immediately available funds to DTC. We have been advised that DTC's practice is
to credit DTC direct participants' accounts on the applicable payment date in
accordance with their respective holdings shown on DTC's records unless DTC has
reason to believe that it will not receive payment on that date. Payments by DTC
participants to beneficial owners will be governed by standing instructions and
customary practices, as is the case with securities held for the accounts of
customers in bearer form or registered in "street name," and will be the
responsibility of that DTC participant and not of DTC, the trustee or us,
subject to any statutory or regulatory requirements as may be in effect from
time to time. Payment of principal and interest to DTC is the responsibility of
us or the trustee, disbursement of those payments to DTC direct participants
will be the responsibility of DTC and disbursement of those payments to the
beneficial owners will be the responsibility of DTC direct and indirect
participants.
Secondary trading in long-term notes and debentures of corporate issuers is
generally settled in clearing house or next-day funds. In contrast, the notes
will trade in DTC's Same-Day Funds Settlement system. Accordingly, DTC will
require that secondary trading activity in the notes settle in immediately
available funds. We can give no assurance as to the effect, if any, of
settlement in immediately available funds on trading activity in the notes.
S-5
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We expect that conveyance of notices and other communications by DTC to DTC
direct participants, by DTC direct participants to DTC indirect participants,
and by DTC direct participants and DTC indirect participants to beneficial
owners will be governed by arrangements among them, subject to any statutory or
regulatory requirements as may be in effect from time to time. In addition,
neither DTC nor Cede & Co. will consent or vote with respect to the notes; we
have been advised that DTC's usual procedure is to mail an omnibus proxy to an
issuer of securities as soon as possible after the record date with respect to
that consent or vote. In the case of the notes, the omnibus proxy would assign
Cede & Co.'s consenting or voting rights to those DTC direct participants to
whose accounts the notes are credited on that record date (identified in a
listing attached to the omnibus proxy).
DTC may discontinue providing its services as securities depositary with
respect to the floating rate notes at any time by giving reasonable notice to us
or the trustee. Under those circumstances, if a successor depositary is not
appointed by us within 90 days, we will issue individual definitive notes in
exchange for all the global securities representing those notes. In addition, we
may at any time and in our sole discretion determine not to have the notes
represented by global securities and, in that event, will issue individual
definitive notes in exchange for all the global securities representing the
notes. Individual definitive notes so issued will be issued in denominations of
$1,000 and any larger amount that is an integral multiple of $1,000 and
registered in those names as DTC may direct.
The information in this section concerning DTC and DTC's book-entry system
has been obtained from sources that we believe to be reliable, but we take no
responsibility for the accuracy of that information.
REDEMPTION
The notes may not be redeemed prior to maturity.
CONCERNING THE TRUSTEE
JPMorgan Chase Bank has extended a line of credit to us. We borrow money and
has other customary banking relationships with JPMorgan Chase Bank in the
ordinary course of business.
ADDITIONAL INFORMATION
See "Description of the Debt Securities" in the accompanying prospectus for
additional important information about the notes. That information includes:
- additional information about the terms of the notes;
- general information about the indenture and the trustee;
- a description of certain restrictions; and
- a description of events of default under the indenture.
S-6
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UNDERWRITING
We are selling the notes to Banc One Capital Markets, Inc., the underwriter,
pursuant to the terms of an underwriting agreement dated November 27, 2001. The
underwriter is purchasing the notes as principal in this transaction for sale to
one or more investors or other purchasers.
The underwriter propose initially to offer the notes to the public at par.
In connection with the sale of any notes, the underwriter may be considered
to have received compensation from us equal to the difference between the amount
received by the underwriter in that sale and the price at which the underwriter
purchased the notes from us. In addition, the underwriter may sell the notes to
or through certain dealers, and those dealers may receive compensation in the
form of underwriting discounts, concessions or commissions from the underwriter
or from any purchasers of the notes for whom it may act as agent (which may be
in excess of customary compensation).
The notes are an issue of securities with no established trading market and
will not be listed on any national securities exchange. The underwriter has
advised us that it intends to make a market in the notes, but it is not
obligated to do so. The underwriter may discontinue any market making in the
notes at any time in its sole discretion. No assurance can be given as to the
liquidity of any trading market for the notes.
To facilitate this offering, the underwriter may engage in transactions that
stabilize, maintain or otherwise affect the price of the notes. Specifically,
the underwriter may over-allot in connection with the offering, creating a short
position in the notes for its own account. In addition, to cover over-allotments
or to stabilize the price of the notes, the underwriter may bid for and purchase
notes in the open market.
In general, purchases of a security for the purpose of stabilization or to
reduce a short position could cause the price of the notes to be higher than it
might be in the absence of those purchases.
The underwriter does not, nor do we, make any representation or prediction
as to the direction or magnitude of any effect that the transactions described
above may have on the price of the notes. In addition, neither we nor the
underwriter makes any representation that the underwriter will engage in those
transactions or that those transactions, once commenced, will not be
discontinued without notice.
We have agreed to indemnify the underwriter against certain liabilities,
including liabilities under the Securities Act of 1933, as amended. We have also
agreed to contribute to the payments the underwriter may be required to make
because of those liabilities. Also, we have agreed to reimburse the underwriter
for certain expenses incurred in connection with the offering of the notes.
S-7
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PROSPECTUS
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WELLS FARGO FINANCIAL, INC.
$2,000,000,000
DEBT SECURITIES
---------------
We may issue up to an aggregate $2.0 billion of debt securities at one or
more times. We will describe the specific terms of each series of debt
securities that we offer in a supplement to this prospectus. Supplements will be
made available at the time of each offering of debt securities.
You should read this prospectus and any supplement carefully before you
invest.
--------------------
NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES
COMMISSION HAS APPROVED OR DISAPPROVED OF THESE SECURITIES OR PASSED UPON THE
ADEQUACY OR ACCURACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A
CRIMINAL OFFENSE.
--------------------
The date of this prospectus is April 27, 1999
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TABLE OF CONTENTS
<Table>
<Caption>
PAGE
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WHERE YOU CAN FIND MORE INFORMATION ABOUT WELLS FARGO
FINANCIAL................................................. 2
INCORPORATION OF INFORMATION WE FILE WITH THE SEC........... 2
WELLS FARGO FINANCIAL, INC.................................. 3
USE OF PROCEEDS............................................. 3
RATIOS OF EARNINGS TO FIXED CHARGES......................... 3
DESCRIPTION OF DEBT SECURITIES.............................. 3
PLAN OF DISTRIBUTION........................................ 11
LEGAL OPINIONS.............................................. 12
EXPERTS..................................................... 12
</Table>
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WHERE YOU CAN FIND MORE INFORMATION ABOUT WELLS FARGO FINANCIAL
We file annual, quarterly and current reports and other information with the
Securities and Exchange Commission. You may read and copy any document we file
with the Securities and Exchange Commission at the Securities and Exchange
Commission's public reference rooms in Washington, D.C., Chicago, Illinois, and
New York, New York. Please call the Securities and Exchange Commission at
1-800-SEC-0330 for further information on the public reference rooms. Our
Securities and Exchange Commission filings are also available over the Internet
at the Securities and Exchange Commission's website at http://www.sec.gov.
Effective at the close of business on June 30, 2000, we changed our name from
Norwest Financial, Inc. to Wells Fargo Financial, Inc. Filings made by us with
the Securities and Exchange Commission prior to July 1, 2000 will be found
indexed and filed under Norwest Financial, Inc.
INCORPORATION OF INFORMATION WE FILE WITH THE SEC
The Securities and Exchange Commission allows us to incorporate by reference
the information we file with them, which means that we can disclose important
information to you by referring you directly to those documents. The information
incorporated by reference is an important part of this prospectus. Information
that we file later with the Securities and Exchange Commission will
automatically update and supercede information contained in this prospectus and
the accompanying prospectus supplement. We incorporate by reference the
documents listed below and any future filings made with the Commission under
Sections 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934 until
we sell all of the securities we are offering:
- Annual Report on Form 10-K for the year ended December 31, 1998;
- Current Reports on Form 8-K dated January 21, 1999 and March 5, 1999.
You may request a free copy of any of these filings by writing or
telephoning us at:
Wells Fargo Financial, Inc.
206 Eighth Street
Des Moines, Iowa 50309
Attn: Treasurer's Department
Telephone: (515) 243-2131
Because we list some of our debt securities on the New York Stock Exchange,
you may also inspect the filings described above, as well as other information,
at the offices of the New York Stock Exchange, 20 Broad Street, New York, New
York 10005.
You should rely only on the information incorporated by reference or
provided in this prospectus or any prospectus supplement. We have not authorized
anyone else to provide you with additional or different information. If anyone
else provided you with different information, you should not rely on it. You
should not assume that the information in this prospectus or any prospectus
supplement is accurate as of any date other than the date on the front of those
documents.
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WELLS FARGO FINANCIAL, INC.
Wells Fargo Financial is a leading diversified consumer finance company. Our
consumer finance operations make loans to individuals and purchase sales finance
contracts though 916 branch offices primarily in 46 states, Guam, Saipan, Puerto
Rico, Argentina and the ten Canadian provinces.
We are a wholly-owned subsidiary of Wells Fargo & Company. Wells Fargo &
Company is a diversified financial services organization which, at December 31,
1998, had consolidated assets totaling approximately $202 billion.
Our principal executive offices are located at 206 Eighth Street, Des
Moines, Iowa 50309. Our telephone number is (515) 243-2131. When we refer to
"Wells Fargo Financial," "we" or "our" in this prospectus, we mean Wells Fargo
Financial, Inc. and its subsidiaries on a consolidated basis, unless the context
otherwise requires. We use "Wells Fargo Financial" to refer to us both before
and after the close of business on June 30, 2000, when we changed our name from
Norwest Financial, Inc. to Wells Fargo Financial, Inc., except in referring to
specific documents and financial statements dated, filed or issued prior to
July 1, 2000.
USE OF PROCEEDS
Unless we indicate otherwise in a prospectus supplement, we will use the net
proceeds from the sale of the debt securities for general corporate purposes.
These purposes may include bulk purchases of finance receivables, acquisitions
of branch offices, consumer finance operations and other related businesses or
the repayment of outstanding indebtedness. The net proceeds may be invested
temporarily or applied to repay short term debt until they are used for their
stated purposes.
RATIOS OF EARNINGS TO FIXED CHARGES
The ratio of earnings to fixed charges for Wells Fargo Financial is set
forth below for the periods indicated:
<Table>
<Caption>
YEARS ENDED DECEMBER 31,
- --------------------------------
1994 1995 1996 1997 1998
- ---- ---- ---- ---- ----
2.26 2.13 2.11 2.00 1.72
</Table>
For the purpose of calculating the ratio of earnings to fixed charges we
have divided earnings plus fixed charges and income taxes by fixed charges.
Fixed charges consist of interest and debt expenses plus the portion of rentals,
which we deem to be representative of the interest factor.
DESCRIPTION OF DEBT SECURITIES
The securities we are offering will be either senior or senior subordinated
debt. The senior debt securities and subordinated debt securities will be issued
under separate indentures. The senior debt securities will be issued under an
indenture, dated as of May 1, 1986, as amended, and supplemented by a First
Supplemental Indenture dated as of February 15, 1991, between Norwest Financial,
Inc. (now called Wells Fargo Financial, Inc.) and The Chase Manhattan Bank, as
trustee, as successor by way of merger to The Chase
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Manhattan Bank (National Association). The subordinated debt securities will be
issued under an Indenture, dated as of May 1, 1986, as amended and supplemented
by a First Supplemental Indenture dated as of February 15, 1991, between Norwest
Financial, Inc. (now called Wells Fargo Financial, Inc.) and Harris Trust and
Savings Bank, as trustee. Unless otherwise indicated, The Chase Manhattan Bank
and Harris Trust and Savings Bank will be referred to herein as the "trustee".
The following summaries of the material provisions of the indentures are not
complete. You should read all of the provisions of the indentures, including the
definitions of certain terms. These summaries set forth certain general terms
and provisions of the securities to which any prospectus supplement may relate.
The particular terms of the securities offered by any prospectus supplement and
the applicability of the general provisions will be described in the appropriate
prospectus supplement. Unless otherwise indicated, parenthetical section
references refer to each of the indentures.
SPECIFIC TERMS OF EACH SERIES
Each time that we issue a new series of debt securities, the prospectus
supplement relating to that new series will specify the particular amount, price
or other terms of these debt securities. These terms may include:
- the title of the debt securities and whether they will be senior or
subordinated debt;
- any limit on the total principal amount of the series of debt securities;
- the date or dates on which the principal of and premium, if any, on the
debt securities will be payable;
- the interest rate or rates on the series of debt securities and the date
from which any such interest will accrue;
- the dates on which we will pay interest on the series of debt securities
and the regular record date for determining who is entitled to the
interest payable on any interest payment date;
- the place or places where principal of and premium, if any, and interest
on the debt securities will be payable;
- any redemption dates, prices, obligations and restrictions on the series
of debt securities;
- any sinking fund or other provisions that would obligate us to repurchase
or otherwise redeem the series of debt securities;
- the denominations in which the series of debt securities will be issued,
if other than denominations of $1,000 and multiples of $1,000;
- the portion of the principal amount of the debt securities, other than
their principal amount, that is payable on the declaration of acceleration
of the maturity;
- the applicable overdue rate if other than the interest rate stated in the
title of the series of debt securities;
- any modifications of or additions to the events of default;
- the currency in which the debt securities will be denominated or in which
payment of the principal of and premium and interest on any debt
securities will be made, if other than U.S. dollars;
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- if the principal of and premium or interest on any series of debt
securities is to be payable at our election or at the election of a holder
of the debt securities in a currency other than that in which the debt
securities are denominated, the period or periods within which and the
terms and conditions on which these elections may be made;
- if the amount of principal of and premium or interest on any series of
debt securities may be determined by reference to an index based on either
a currency other than that in which the debt securities are payable or any
other method specifying the manner in which these amounts will be
determined;
- whether and to what extent any other means of satisfaction and discharge,
which is sometimes referred to as "defeasance" will be applicable to the
debt securities other than as described below under "Satisfaction and
Discharge; Defeasance";
- if the debt securities are to be issued in the form of one or more global
security and, if so, the identity of the depositary or depositaries of
such global debt security or global debt securities; and
- any other specific terms of the debt securities that are not inconsistent
with each Indenture. (Section 3.01)
We may issue debt securities at a discount below their stated principal
amount, bearing no interest or interest at a rate that, at the time of issuance,
is below market rates. If we issue these kinds of debt securities, we will
provide you with additional information in a prospectus supplement.
FORM, DENOMINATION AND EXCHANGE
We may issue the debt securities in registered form, without coupons, in
increments of $1,000 or multiples thereof, unless the prospectus supplement
states otherwise.
Alternatively, we may issue the debt securities in the form of one or more
global certificates.
No service charge will be made for any transfer or exchange of the
securities, but we may require payment of an amount sufficient to cover any tax
or other governmental charge payable in connection with a transfer or exchange.
(Section 3.02)
NO EVENT OF RISK COVENANT
Neither indenture contains any covenant or other provision that restricts
Wells Fargo Financial from incurring, assuming or becoming liable for any type
of debt or other obligations, from creating liens on its property, from paying
dividends or making distributions on its capital stock or purchasing or
redeeming its capital stock. Neither indenture requires Wells Fargo Financial to
maintain any financial ratios or specified levels of net worth. In addition,
neither indenture gives holders of the debt securities protection upon the
occurrence of a change in control or in the event of a highly leveraged
transaction involving Wells Fargo Financial.
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LIMITATION ON MERGER, CONSOLIDATION AND CERTAIN SALE OF ASSETS
We may not merge into or consolidate with any other corporation, or convey
or transfer our properties and assets substantially as an entirety to any person
unless:
- the successor is a U.S. corporation;
- the successor assumes on the same terms and conditions all the obligations
under the debt securities and each indenture; and
- immediately after giving effect to the transaction, there is no default
under each indenture.
(Section 10.01) Upon any merger, consolidation, conveyance or transfer, the
successor will succeed to, and will be substituted in lieu of Wells Fargo
Financial. (Section 10.02).
COMPUTATION OF INTEREST
We will calculate the interest that is due on the debt securities based on a
360-day year of twelve 30 day months, unless the prospectus supplement states
otherwise. (Section 3.11)
PAYMENTS ON REGISTERED DEBT SECURITIES
We will pay principal, interest and any premium on registered debt
securities in the designated currency at the office of a designated paying
agent. At our option, payment of interest on fully registered securities may
also be made by check mailed to the person in whose names the securities are
registered on the days specified in the indentures or any prospectus supplement.
(Section 3.12)
PAYING AGENT
The Chase Manhattan Bank will be designated as Wells Fargo Financial's
paying agent for the senior debt securities unless the prospectus supplement
states otherwise. Harris Trust and Savings Bank will be designated as Wells
Fargo Financial's paying agent for the subordinated debt securities unless the
prospectus supplement states otherwise. (Section 8.14)
If we authorize any other person to make payments on debt securities for us,
we will identify them in the applicable prospectus supplement.
GLOBAL SECURITIES
We may issue debt securities of a series in whole or in part in the form of
one or more global certificates that will be deposited with a depository that we
will identify in a prospectus supplement. Unless and until it is exchanged in
whole or in part for individual certificates evidencing securities in definitive
form represented thereby, a global security may not be transferred except as a
whole by the depository to a nominee of that depository or by a nominee of that
depository to a depository or another nominee of that depository.
(Section 3.01)
The specific terms of the depositary arrangement for each series of debt
securities will be described in the applicable prospectus supplement.
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RANKING
The senior debt securities will be the unsecured obligations of Wells Fargo
Financial and will rank equally among themselves and with all of Wells Fargo
Financial's other unsecured and unsubordinated debt.
The prospectus supplement will describe the specific terms and conditions
upon which the subordinated debt securities will be subordinated to other
indebtedness of Wells Fargo Financial. Such terms may include:
- indebtedness ranking senior to the subordinated debt securities;
- restrictions on payments to the holders of such subordinated debt
securities while a default relating to such senior indebtedness is
continuing;
- restrictions on payments to the holders of such subordinated debt
securities following an event of default; and
- provisions requiring holders of senior debt securities to receive certain
payments prior to holders of subordinated debt securities. (Section 15.01)
SATISFACTION AND DISCHARGE
At our request, each indenture will terminate as to the debt securities of
any series (except for certain obligations to register the transfer or exchange
of the debt securities) when either:
- all the debt securities have been delivered to the trustee for
cancellation; or
- we have deposited with the trustee in trust, an amount sufficient to make
all remaining payments on these debt securities. (Section 6.01)
DEFEASANCE
We may satisfy our obligations with respect to payments of principal of the
debt securities, and premium, if any, and interest, if any, on the debt
securities of any series by irrevocably depositing in trust with the trustee
money or U.S. government obligations sufficient to make such payments when due.
If such deposit is sufficient, as verified by a written opinion of independent
public accountants, to make all payments of:
- interest, if any, on the debt securities of such series prior to and on
their redemption or maturity, as the case may be; and
- principal of the debt securities, and premium, if any, on the debt
securities of such series when due upon redemption or at the designated
maturity date, as the case may be
then all of our obligations with respect to the debt securities of such series
and the indentures which relate to the debt securities will be satisfied and
discharged.
To elect either option described above, we must deliver to the trustee an
opinion of counsel to the effect that the deposit and related payment described
above would not cause the holders of that series to recognize, income, gain or
loss for U.S. federal income tax purposes and that the holders of that series
will be subject to U.S. federal income tax in the same amounts, in the same
manner and at the same times as would have been the case if that option had not
been exercised. (Section 14.02)
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EVENTS OF DEFAULT
An "event of default" regarding any series of debt securities is any one of
the following events, subject to various grace periods:
- failure to pay principal of, or any premium on, any debt security when
due;
- failure to deposit any sinking fund payments for any series of debt
security when due;
- failure to pay any interest when due and payable;
- failure to perform any covenants or warranties in either indenture, which
failure has continued for 60 days after written notice to Wells Fargo
Financial by the trustee or by the holders of 50% in principal amount of
the outstanding debt securities of that series;
- certain events in bankruptcy, insolvency or reorganization of Wells Fargo
Financial;
- default regarding any other series of debt securities, which results in
the acceleration of such other series of debt securities; and
- any other events of default regarding that series of debt securities that
is specified in the prospectus supplement. (Section 7.01)
A default regarding a single series of debt securities will not necessarily
constitute a default regarding any other series. A default under other debt of
Wells Fargo Financial will not be a default under either indenture.
If an event of default for any series of debt securities occurs and is
continuing, either the trustee or the holders of 25% in principal amount of the
outstanding debt securities of that series may declare the principal amount of
all the debt securities of that series to be immediately due and payable by
notice in writing to Wells Fargo Financial. If the debt securities of that
series are original issue discount debt securities, the portion of the principal
amount as is specified in that series may declare the principal amount of the
debt securities of that series to be immediately declared payable by notice in
writing to Wells Fargo Financial. If the holders of debt securities give notice
of the declaration of acceleration to Wells Fargo Financial, then they must also
give notice to the trustee. (Section 7.02)
The holders of a majority in principal amount of the outstanding debt
securities may rescind a declaration of acceleration if:
- Wells Fargo Financial has paid or deposited with the trustee a sum
sufficient to pay principal, interest, including overdue interest and
interest thereon, any premium and the fee and expenses of the trustee
(Section 7.02); and
- any other event of default, besides the failure to pay principal due
because of the declaration of acceleration, has been cured or waived.
(Section 7.13)
We are required to file every year with the trustee an officers' certificate
stating whether any default exists and specifying any default that exists.
(Section 12.05)
NOTICE OF DEFAULTS
The trustee is required to give notice to holders of debt securities of a
default, which remains uncured or has not been waived, that is known to the
trustee within 90 days after the occurrence of the default. The trustee may
withhold this notice, however, if it determines in good faith that the
withholding of notice is in the interest of the holders of
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the debt securities. However, the trustee may not withhold notice in the case of
a default in the payment of principal of and premium or interest on or a sinking
fund installment on any of the debt securities. In addition, the trustee is only
required to give notice of the failure by Wells Fargo Financial to perform any
covenant until at least 30 days after the failure has become a default. The term
"default" for this purpose means any event which is, or after notice or lapse of
time or both would become, an event of default. (Section 8.02)
RIGHTS OF THE TRUSTEE
The holders of a majority in principal amount of outstanding debt securities
of any series may direct the time, method and place of conducting any proceeding
for any remedy available to the trustee or exercising any trust or other power
conferred on the trustee. The trustee may decline to follow that direction,
however, if it either would involve the trustee in personal liability or would
be unduly prejudicial to holders of the debt securities of that series that do
not join in that direction. (Section 7.12) During a default, the trustee is
required to exercise the standard of care that a prudent man would exercise or
use under the circumstances in the conduct of his own affairs (Section 8.0)
Otherwise, the trustee is not obligated, however, to exercise any of its rights
or powers under each indenture at the request or direction of any of the holders
of debt securities unless those holders have offered to the trustee reasonable
security or indemnity. (Section 8.03)
MODIFICATION AND WAIVER OF EACH INDENTURE
The holders of a majority in principal amount of the outstanding debt
securities of any series may waive any past default under the applicable
indenture. The following defaults may not, however, be waived:
- a default in the payment of the principal, or any premium, interest or
additional amounts payable on a series of debt securities, or in the
payment of any sinking fund installment with respect to that series, which
has not been cured until that time; or
- a default regarding a covenant or provision of either indenture which
cannot be modified or amended without the consent of the holder of each
outstanding debt security of the series affected. (Section 7.13)
MODIFICATION WITHOUT CONSENT OF THE HOLDERS
Without the consent of the holders of debt securities, we and the trustee
may modify each indenture for any of the following purposes:
- to name a successor entity to Wells Fargo Financial;
- to add to our covenants for the benefit of the holders of all or any
series of debt securities;
- to establish the form or terms of securities of any series of debt
securities and any related coupons;
- to cure any ambiguity or inconsistency in the applicable indenture;
- to modify, eliminate and add to the provisions of either indenture to
enable it to qualify under the Trust Indenture Act of 1939; or
- to provide for the acceptance or appointment of a successor trustee.
(Section 11.01)
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MODIFICATION REQUIRING CONSENT OF THE HOLDERS
Each indenture provides that modifications and amendments may be made by us
and the trustee with the consent of the holders of at least a majority in
principal amount of the outstanding debt securities of each series affected by
the amendment or modification of each indenture. However, no modification or
amendment may, without the consent of each holder affected:
- change the stated maturity of the principal of, or any installment of
interest on, any debt security;
- reduce the principal amount, the rate of interest, or any additional
amounts in respect of any debt security or reduce the amount of any
premium payable upon the redemption of any debt security;
- reduce the principal amount of original issued discount debt securities
that would be due and payable upon acceleration of their maturity;
- change the place of payment, the currency in which, any debt security or
any premium or interest thereon is payable;
- reduce the amount of, or postpone the date fixed for, any payment under
the sinking fund for any debt security;
- impair the right to institute suit for the enforcement of any payment on
or after the stated maturity date of the security or, in the case of
redemption, on or after the redemption date;
- reduce the percentage of securities required to consent to any
modification, amendment or waiver under either indenture;
- modify, except under limited circumstances, any provisions of the
applicable indenture relating to modification and amendment of the
indenture or waiver of compliance with conditions and defaults thereunder;
or
- in the case of the subordinated indenture, alter the provisions regarding
the subordination of the subordinated debt securities in any way that
would be adverse to the holders of such debt securities. (Section 11.02)
MUTILATED, DESTROYED, STOLEN OR LOST SECURITIES
We will replace any mutilated debt security at the expense of the holder and
on surrender of that mutilated debt security to the trustee. We will also
replace debt securities that are destroyed, lost or stolen at the expense of the
holder and on delivery to the security registrar of evidence of that
destruction, loss or theft which is satisfactory to us and the trustee. Before
we issue a replacement debt security, we and the trustee may require an
indemnity from the party seeking the replacement security. (Section 3.06)
NOTICES
Except as otherwise provided in each Indenture, notices to holders of debt
securities will be given by mail to the addresses of those holders as they
appear in the security register. (Section 1.06)
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GOVERNING LAW
The laws of the State of New York govern each Indenture and will govern the
debt securities, including any matters of interpretation under them.
(Section 1.13)
INFORMATION CONCERNING THE TRUSTEE
We may from time to time engage in general financing and banking
transactions with The Chase Manhattan Bank or with its affiliates or with Harris
Trust and Savings Bank or with its affiliates.
PLAN OF DISTRIBUTION
We may sell the debt securities in one or more of the following ways:
- through underwriters or dealers;
- directly to one or more purchasers;
- through agents; or
- in a combination of any of the above transactions.
The prospectus supplement for each series of debt securities will describe
that offering, including:
- the name or names of any underwriters;
- the purchase price and the proceeds we will receive from such sale;
- any underwriting discounts and other items constituting underwriters'
compensation;
- any discounts or concessions allowed or reallowed or paid to dealers; and
- any securities exchanges on which the debt securities of such series may
be listed.
If underwriters are used in the sale, the debt securities will be acquired
by the underwriters for their own account and may be resold by them from time to
time in one or more transactions, including negotiated transactions, at a fixed
public offering price or at varying prices determined at the time of sale. The
obligations of the underwriters to purchase securities will be subject to
certain conditions precedent and the underwriters will be obligated to purchase
all the securities of a series if any are purchased. Any initial public offering
price and any discounts or concessions allowed or reallowed or paid to dealers
may be changed from time to time.
Debt securities may be sold directly by us or through agents designated by
us from time to time. We will name any agent involved in the offer or sale of
the debt securities and will list commissions payable by us to these agents in
the prospectus supplement. These agents will be acting on a best efforts basis
to solicit purchases for the period of its appointment, unless we state
otherwise in the prospectus supplement.
We may sell debt securities directly to purchasers. In this case, we will
not engage underwriters or agents in the offer and sale of debt securities.
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INDEMNIFICATION
Underwriters, dealers or agents who participate in the distribution of debt
securities may be entitled to indemnification by us against certain liabilities,
including liabilities under the Securities Act of 1933, or to contribution with
respect to payments which these underwriters, dealers or agents may be required
to make.
NO ASSURANCE OF LIQUIDITY
Each series of debt securities will be a new issue of securities with no
established trading market. Any underwriters that purchase debt securities from
us may make a market in these debt securities. The underwriters will not be
obligated, however, to make such a market and may discontinue market-making at
any time without notice to holders of the debt securities. We cannot assure you
that there will be liquidity in the trading market for any debt securities of
any series.
LEGAL OPINIONS
The legality of the debt securities will be passed upon for us by Steve R.
Wagner, Esq., who is our Senior Assistant General Counsel, and for the
underwriters, dealers or agents by Orrick, Herrington & Sutcliffe LLP, New York,
New York.
EXPERTS
The consolidated financial statements and schedules of Norwest Financial,
Inc. and subsidiary companies for the three-year period ended December 31, 1998,
have been incorporated by reference herein and in the registration statement in
reliance upon the report of Deloitte & Touche LLP, independent auditors,
incorporated by reference herein, and upon authority of that firm as experts in
accounting and auditing.
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$150,000,000
[LOGO]
WELLS FARGO FINANCIAL, INC.
FLOATING RATE SENIOR NOTES DUE DECEMBER 4, 2002
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PROSPECTUS SUPPLEMENT
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BANC ONE CAPITAL MARKETS, INC.
NOVEMBER 27, 2001
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