FWP 1 n963_x15-fwp.htm FREE WRITING PROSPECTUS

 

    FREE WRITING PROSPECTUS
    FILED PURSUANT TO RULE 433
    REGISTRATION FILE NO.: 333-206677-16
     

 

 

WFCM 2017-C38 - PUBLIC NEW ISSUE

**PRICING DETAILS** $1,001.296 MM FIXED-RATE CMBS OFFERING

 

CO-LEAD MANAGERS & JOINT BOOKRUNNERS:   WELLS FARGO SECURITIES, LLC
  BARCLAYS CAPITAL INC.
  UBS SECURITIES LLC
   
CO-MANAGERS: ACADEMY SECURITIES, INC.
  DEUTSCHE BANK SECURITIES INC.

  

 

OFFERED CERTIFICATES - PUBLIC

CLASS KBRA/FITCH/MDYS SIZE($MM) C/E WAL SPD YLD% CPN% $PRICE
A-1 AAA(sf)/AAAsf/Aaa(sf) 32.899 30.000% 2.66 S+30 1.94630 1.968 99.99970
A-2 AAA(sf)/AAAsf/Aaa(sf) 42.503 30.000% 4.92 S+52 2.38320 3.043 102.99850
A-3 AAA(sf)/AAAsf/Aaa(sf) 8.575 30.000% 6.92 S+92 2.92950 3.090 100.99620
A-SB AAA(sf)/AAAsf/Aaa(sf) 36.137 30.000% 7.02 S+77 2.78530 3.261 103.00000
A-4 AAA(sf)/AAAsf/Aaa(sf) 300.000 30.000% 9.69 S+92 3.07590 3.190 100.99560
A-5 AAA(sf)/AAAsf/Aaa(sf) 366.318 30.000% 9.92 S+94 3.10660 3.453 102.99180
A-S AAA(sf)/AAAsf/Aa1(sf) 119.369 19.375% 9.92 S+115 3.31680 3.665 102.99270
B AA-(sf)/AA-sf/NR 50.556 14.875% 9.92 S+140 3.56680 3.917 102.99300
C A-(sf)/A-sf/NR 44.939 10.875% 9.92 S+175 3.91680 3.903 99.99420

 

 

NON-OFFERED CERTIFICATES - PRIVATE (144A)

CLASS KBRA/FITCH/MDYS SIZE($MM) C/E WAL CUM LTV NOI DY
X-D BBB-(sf)/BBB-sf/NR 49.152 N/A N/A N/A N/A
D BBB-(sf)/BBB-sf/NR 49.152 6.500% 9.92 51.6% 12.7%

 

  

NON-OFFERED ELIGIBLE HORIZONTAL RESIDUAL INTEREST

CLASS KBRA/FITCH/MDYS SIZE($MM) C/E WAL CUM LTV NOI DY
E BB(sf)/BB-sf/NR 22.470 4.500% 9.92 52.7% 12.4%
F B+(sf)/B-sf/NR 11.234 3.500% 9.92 53.2% 12.3%
G NR/NR/NR 39.322 0.000% 9.92 55.2% 11.9%

 

 

 

NON-OFFERED ELIGIBLE VERTICAL INTEREST

CLASS KBRA/FITCH/MDYS SIZE($MM) C/E WAL CUM LTV NOI DY
RR NR/NR/NR 31.176 N/A N/A N/A N/A

 

 

COLLATERAL SUMMARY

 

INITIAL POOL BALANCE: $1,154,649,987
NUMBER OF LOANS: 76
NUMBER OF PROPERTIES: 210
WA CUT-OFF LTV: 55.2%
WA BALLOON LTV: 50.8%
WA U/W NCF DSCR: 2.34x
WA U/W NOI DEBT YIELD: 11.9%
WA MORTGAGE RATE: 4.365%
TOP TEN LOANS %: 45.6%
WA REM TERM TO MATURITY (MOS): 115
WA REM AMORTIZATION TERM (MOS):   346
WA SEASONING (MOS): 1
   
LOAN SELLERS: BARCLAYS(34.7%), WFB(31.4%), RMF(10.7%), CIIICM(10.1%), UBSAG(7.9%), WFB/BARCLAYS(5.2%)
   
TOP 3 PROPERTY TYPES: OFFICE(39.5%), RETAIL(25.4%), HOSPITALITY(17.1%)
   
TOP 5 STATES: NY(25.8%), CA(16.8%), TX(11.6%), FL(5.3%), MI(4.6%)
   
MASTER SERVICER: WELLS FARGO BANK, NATIONAL ASSOCIATION
   
SPECIAL SERVICER: KEYBANK NATIONAL ASSOCIATION
   
DIRECTING CERTIFICATEHOLDER: PRIME FINANCE CMBS B-PIECE HOLDCO VIII, L.P.

 

 

DOCUMENTS & TIMING

 TERM SHEET, ANNEX A-1: ATTACHED
 PROSPECTUS: ATTACHED
 ANTICIPATED SETTLEMENT: JULY 13, 2017

 

ROADSHOW

 NEW YORK 1x1's: TODAY, 6/21
 DES MOINES,BREAKFAST: THURS, 6/22 @ 7:30AM CT, MARRIOTT DOWNTOWN
 HARTFORD, BREAKFAST: THURS, 6/22 @ 8:30AM ET, MAX'S DOWNTOWN
 BOSTON, LUNCH: THURS, 6/22 @ 12:00PM ET, RITZ-CARLTON
 MINNEAPOLIS, LUNCH: THURS, 6/22 @ 12:45PM CT, KIMPTON GRAND HOTEL
   
CONFERENCE CALLS: UPON DEMAND
   
PRE-RECORDED GLOBAL INVESTOR CALL: WWW.NETROADSHOW.COM
REVIEW CODE: TBD
FINAL LINK: TBD

 

 

Wells Fargo Commercial Mortgage Securities, Inc., as depositor, has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) (SEC File No. 333-206677) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing entity and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any underwriter, or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8 a.m. - 5 p.m. EST) or by emailing wfs.cmbs@wellsfargo.com.

 

 

 

 

 

 

 

 

 

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