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Wachovia to sell 0% notes linked to seven-stock basket
By Jennifer Chiou
New York, May 10 - Wachovia Corp. plans to sell 0% principal-protected notes linked to a basket of seven stocks, according to a 424B5 filing with the Securities and Exchange Commission.
The underlying basket contains equal weights of the shares of Automatic Data Processing, Inc., General Electric Co., Johnson & Johnson, Pfizer Inc., United Parcel Service, Inc. and Exxon Mobil Corp. and the class B shares of Berkshire Hathaway Inc.
The securities will mature on April 30, 2012 and will be priced at par of $10.00.
At maturity, if the final basket level is greater than the initial level, investors will share in the percentage gain. Holders will receive at least par.
Wachovia has applied to list the securities on the American Stock Exchange under the symbol "PRN."
Wachovia Securities will be the underwriter.
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