Wachovia to price enhanced yield securities linked to Urban Outfitters

By Angela McDaniels

Seattle, June 1 – Wachovia Corp. plans to price an offering of enhanced yield securities due July 10, 2008 linked to the common stock of Urban Outfitters, Inc., according to a 424B5 filing with the Securities and Exchange Commission.

The coupon is expected to be 9.5% to 10.5% and will be determined at pricing.

The payout at maturity will be par unless Urban Outfitters stock closes below the knock-in price – 75% of the initial share price – during the life of the securities and the final share price is less than the initial share price, in which case holders will receive a number of Urban Outfitters shares equal to $1,000 divided by the initial share price.

Wachovia Securities will be the underwriter.

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