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Wachovia to price enhanced yield securities linked to Valero Energy
By Angela McDaniels
Seattle, Feb. 2 - Wachovia Corp. plans to price an issue of enhanced yield securities due March 12, 2007 linked to Valero Energy Corp. stock, according to a 424B5 filing with the Securities and Exchange Commission.
The securities are talked to yield 10% to 11%, payable quarterly.
Payout at maturity will be par unless Valero 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 Valero shares equal to $1,000 divided by the initial stock price.
The knock-in price will be 75% of the initial stock price.
Wachovia Securities will be the underwriter.
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