Published on 6/28/2006 in the Prospect News Convertibles Daily.
New Issue: Wachovia prices $10.252 million 9.25% enhanced yield securities linked to Nabors Industries
By Jennifer Chiou
New York, June 28 - Wachovia Corp. priced $10.252 million of 9.25% enhanced yield securities due July 10, 2007 linked to Nabors Industries Ltd. stock, according to a 424B5 filing with the Securities and Exchange Commission.
Issuer: | Wachovia Corp.
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Issue: | Enhanced yield securities
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Underlying stock: | Nabors Industries Ltd.
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Amount: | $10.252 million
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Maturity: | July 10, 2007
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Coupon: | 9.25%, payable quarterly
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Price: | Par
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Payout at maturity: | Par unless Nabors Industries stock falls below knock-in price of $24.2325 during the life of the notes and finishes below the initial price of $32.31, in which case 30.9502 Nabors Industries shares
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Initial share price: | $32.31
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Knock-in price: | $24.2325, 75% of initial price
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Exchange ratio: | 30.9502 Nabors Industries shares, equal to par divided by initial share price
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Pricing date: | June 27
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Settlement date: | June 30
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Underwriter: | Wachovia Securities
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