New Issue: Wachovia prices $5.79 million of 12.25% enhanced yield securities linked to U.S. Steel

By Laura Lutz

Des Moines, Sept. 28 - Wachovia Corp. priced a $5,791,000 issue of 12.25% enhanced yield securities due Oct. 1, 2007 linked to United States Steel Corp. stock, according to a 424B5 filing with the Securities and Exchange Commission.

At maturity investors will receive par unless United States Steel stock falls below the knock-in price of $40.73 during the life of the notes and finishes below the initial price of $58.18, in which case the payout is 17.188 United States Steel shares.

Issuer:	Wachovia Corp.
Issue:	Enhanced yield securities
Underlying stock:	United States Steel Corp.
Amount:	$5,791,000
Maturity:	Oct. 1, 2007
Coupon:	12.25%, payable quarterly
Price:	Par
Payout at maturity:	Par unless U.S. Steel stock falls below knock-in price of $40.73 during the life of the notes and finishes below the initial price of $58.18, in which case 17.188 U.S. Steel shares
Initial share price:	$58.18
Knock-in price:	$40.73, 70% of initial price
Exchange ratio:	17.188 U.S. Steel shares, equal to par divided by initial share price
Pricing date:	Sept. 27
Settlement date:	Oct. 2
Underwriter:	Wachovia Securities

© 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.