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Wachovia to price enhanced yield securities linked to Sunoco
By Laura Lutz
Des Moines, Oct. 31 - Wachovia Corp. plans to price an issue of enhanced yield securities due Dec. 5, 2007 linked to the common stock of Sunoco, Inc.
Interest will be payable quarterly at a rate between 9.5% and 10.5%, with the exact level to be set on the pricing date.
At maturity, investors will receive par unless Sunoco stock falls below the knock-in price - 75% of the initial share price - during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Sunoco shares equal to $1,000 divided by the initial share price.
Wachovia Securities will be the underwriter.
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