By Jennifer Chiou
New York, May 18 - Wachovia Corp. priced $7.8 million of relative performance call warrants expiring May 15, 2009 linked to the performance of the S&P 500 index versus the Russell 2000 index, according to a 424B5 filing with the Securities and Exchange Commission.
The initial price is $6.35 per warrant.
The cash settlement value of each warrant will be the greater of $0 and the amount by which the S&P 500 outperforms the Russell 2000, which is also the warrant strike level.
The exercise values will be determined on the valuation date and they have a multiplier equal to $75.00 divided by the closing level. The S&P 500 multiplier is 0.049578582 and the Russell 2000 multiplier is 0.091952332.
The warrants will be exercisable on any trading day beginning on June 22, 2007 and ending on May 14, 2009.
Wachovia Securities and Wells Fargo Securities are the underwriters.
| Issuer: | Wachovia Corp.
|
| Issue: | Relative performance call warrants
|
| Underlying indexes: | S&P 500, Russell 2000
|
| Amount: | $7,835,366.60
|
| Expiration: | May 15, 2009
|
| Price: | Par of $6.35
|
| Payout at maturity: | Greater of $0 and the amount by which the S&P 500 outperforms the Russell 2000
|
| Exercise: | Beginning June 22, 2007 and ending May 14, 2009
|
| Multipliers: | S&P 500, 0.049578582; Russell 2000, 0.091952332
|
| Pricing date: | May 17
|
| Underwriters: | Wachovia Securities, Wells Fargo Securities
|
| Fees: | 6.85%
|
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