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Wachovia to price 10.5%-11.5% enhanced yield securities linked to Tata Motors for Eksportfinans
By Susanna Moon
Chicago, April 16 - Wachovia Capital Markets, LLC plans to price enhanced yield securities due Nov. 4, 2008 linked to American Depositary Shares representing common stock of Tata Motors Ltd. for issuer Eksportfinans ASA, according to an FWP filing with the Securities and Exchange Commission.
The notes will accrue interest at 10.5% to 11.5% per year, with the exact coupon to be determined at pricing. Interest will be payable monthly.
The payout at maturity will be par unless Tata Motors ADSs fall by 25% or more during the life of the notes and the final share price is less than the initial share price, in which case the payout will be a number of Tata Motors ADSs equal to $1,000 divided by the initial share price.
The notes will price and settle sometime in 2008.
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