Wachovia to sell Enhanced Growth Securities linked to five-stock basket

By Jennifer Chiou

New York, June 8 - Wachovia Corp. is planning to offer notes due July 10, 2007 in the Enhanced Growth Securities structure linked to a basket of five stocks, according to a 424B5 filing with the Securities and Exchange Commission.

The underlying stocks include equal weights of Las Vegas Sands Corp., Nabors Industries Ltd., Pulte Homes, Inc., Sepracor Inc. and United States Steel Corp.

The securities are expected to yield 11%, payable quarterly.

Payout at maturity will be par unless the value of any stock in the basket falls below the knock-in price during the life of securities and the final value of any stock is less than the initial price, in which case investors will share in the losses.

The knock-in price will be 75% of the initial basket level.

Wachovia Securities will be the underwriter.

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