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Prospect News home > News index > List of issuers A > Headlines for Apple Computer, Inc. > News item |
Wachovia to price enhanced yield securities linked to Apple
By Jennifer Chiou
New York, July 5 - Wachovia Corp. plans to price an issue of enhanced yield securities due Aug. 1, 2007 linked to Apple Computer, Inc. stock, according to a 424B5 filing with the Securities and Exchange Commission.
Interest, which is expected to be between 10.5% and 11.5%, will be payable quarterly.
Payout at maturity will be par unless Apple' stock falls below the knock-in price during the life of securities and the final stock price is less than the initial price, in which case holders will receive a number of Apple shares equal to $1,000 divided by the initial stock price.
The knock-in price will be 70% of the initial stock price.
The securities will not be listed.
Wachovia Securities will be the underwriter.
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