New Issue: Wachovia prices $5.596 million 11% enhanced yield securities linked to Tesoro

By Jennifer Chiou

New York, July 2 - Wachovia Corp. priced $5.596 million of 11% enhanced yield securities due April 10, 2008 linked to Tesoro Corp. stock, according to a 424B5 filing with the Securities and Exchange Commission.

Interest is payable quarterly.

The payout at maturity will be par unless Tesoro stock falls below the knock-in price of $42.86 during the life of the notes and the final stock price is less than the initial price of $57.15, in which case investors will receive 17.4978 Tesoro shares.

Wachovia Securities is the underwriter.

Issuer:	Wachovia Corp.
Issue:	Enhanced yield securities
Underlying stock:	Tesoro Corp.
Amount:	$5.596 million
Maturity:	April 10, 2008
Coupon:	11%, payable quarterly
Price:	Par
Payout at maturity:	Par unless Tesoro stock falls below knock-in price of $42.86 during the term of notes and the final stock price is less than the initial price of $57.15, in which case 17.4978 Tesoro shares
Initial price:	$57.15
Knock-in price:	$42.86, 75% of initial price of $57.15
Exchange ratio:	17.4978 Tesoro shares, equal to $1,000 divided by $57.15
Pricing date:	June 29
Settlement date:	July 5
Underwriter:	Wachovia Securities
Fees:	2%

© 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.