Wachovia to price enhanced yield securities linked to Freeport-McMoRan

By Jennifer Chiou

New York, July 3 - Wachovia Corp. plans to price enhanced yield securities due Aug. 5, 2008 linked to the common stock of Freeport-McMoRan Copper & Gold Inc., according to a 424B5 filing with the Securities and Exchange Commission.

The coupon is expected to be 10% to 11% and will be determined at pricing. Interest will be payable quarterly.

The payout at maturity will be par unless Freeport-McMoRan stock closes below the knock-in price - 80% of the initial share price - during the life of the securities and the final share price is less than the initial share price, in which case holders will receive a number of Freeport-McMoRan shares equal to $1,000 divided by the initial share price.

Wachovia Securities will be the underwriter.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.