By Angela McDaniels
Tacoma, Wash., March 28 - Wachovia Corp. priced $57 million of 14.1% enhanced yield securities due April 1, 2009 linked to the common stock of JPMorgan Chase & Co., according to a 424B3 filing with the Securities and Exchange Commission.
The notes priced at par of $46.54, which is equal to the closing price of JPMorgan stock on the pricing date.
Interest is payable monthly.
The payout at maturity will be an amount in cash equal to 91.5% of the final stock price, subject to a cap of $46.54, plus 0.65% for each 1% that the share price advances beyond 12.5%.
Holders can elect to receive the equivalent amount in JPMorgan shares instead of cash.
Wachovia Capital Markets, LLC is the underwriter.
| Issuer: | Wachovia Corp.
|
| Issue: | Enhanced yield securities
|
| Underlying stock: | JPMorgan Chase & Co. (Symbol: JPM)
|
| Amount: | $57,011,500
|
| Maturity: | April 1, 2009
|
| Coupon: | 14.1%, payable monthly
|
| Price: | Par of $46.54
|
| Payout at maturity: | 91.5% of the final stock price, subject to a cap of $46.54, plus 65% of any share price gain beyond the strike price
|
| Initial share price: | $46.54
|
| Strike price: | $52.3575, 112.5% of initial share price
|
| Pricing date: | March 24
|
| Settlement date: | March 31
|
| Underwriter: | Wachovia Capital Markets, LLC
|
| Fees: | 0.05%
|
© 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.
