Wachovia to price enhanced yield securities linked to GM

By Angela McDaniels

Seattle, July 3 - Wachovia Corp. plans to price enhanced yield securities due May 5, 2008 linked to the common stock of General Motors Corp., according to a 424B5 filing with the Securities and Exchange Commission.

The securities will carry a coupon of 11% to 12%, payable quarterly. The exact coupon will be determined at pricing.

The payout at maturity will be par unless GM stock falls by 25% or more during the life of the securities and finishes below the initial share price, in which case the payout will be a number of GM shares equal to $1,000 divided by the initial share price.

Wachovia Securities will be the underwriter.

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