Wachovia to price enhanced yield securities linked to Netflix

By Laura Lutz

Washington, March 8 - Wachovia Corp. plans to price an issue of enhanced yield securities due April 3, 2008 linked to the common stock of Netflix, Inc., according to a 424B5 filing with the Securities and Exchange Commission.

The securities will bear interest at 13% to 14% annually, with the exact level to be set at pricing. Interest will be payable quarterly.

The payout at maturity will be par unless Netflix stock falls below the knock-in price - 75% of the initial share price - during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Netflix shares equal to $1,000 divided by the initial share price.

Wachovia Securities will be the underwriter.

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