New Issue: Wachovia sells $5.494 million 13.5% enhanced yield securities linked to Netflix

By Jennifer Chiou

New York, March 30 - Wachovia Corp. priced a $5.494 million offering of 13.5% 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.

Payment at maturity will be determined according to the performance of Netflix stock. If the stock trades at or below $17.59, the knock-in price, during the life of the notes and closes below $23.45, the initial share price, investors will receive a number of Netflix shares equal to $1,000 divided by the initial share price. The knock-in price is 75% of the initial share price.

Otherwise, investors will receive par in cash.

Issuer:	Wachovia Corp.
Issue:	Enhanced yield securities
Underlying stock:	Netflix, Inc.
Amount:	$5.494 million
Maturity:	April 3, 2008
Coupon:	13.5%, payable quarterly
Price:	Par
Payout at maturity:	If Netflix stock trades at or below the knock-in price during the life of the notes and finishes below the initial share price, 42.6439 shares of Netflix stock; otherwise, par in cash
Initial share price:	$23.45
Knock-in price:	$17.59, 75% of $23.45
Exchange ratio:	42.6439
Pricing date:	March 29
Settlement date:	April 3
Agent:	Wachovia Securities
Fees:	2.25%

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