Published on 5/23/2007 in the Prospect News Structured Products Daily.
New Issue: Wells Fargo prices $72.6 million 8% notes linked to Apple via Lehman
By Angela McDaniels
Seattle, May 23 - Lehman Brothers Inc. priced $72,631,140 of 8% notes due June 1, 2008 linked to the common stock of Apple, Inc. for issuer Wells Fargo & Co., according to an FWP filing with the Securities and Exchange Commission.
Interest is payable monthly.
The payout at maturity will be the cash value of one Apple share, subject to a cap of $136.32695 per $114.85 principal amount of notes. Wells Fargo may elect to settle the payout in Apple shares rather than cash.
| Issuer: | Wells Fargo & Co.
|
| Issue: | Notes
|
| Underlying stock: | Apple, Inc.
|
| Amount: | $72,631,140
|
| Maturity: | June 1, 2008
|
| Coupon: | 8%, payable monthly
|
| Price: | Par of $114.85
|
| Payout at maturity: | Cash value of one Apple share, capped at $136.32695
|
| Initial equity value: | $114.85
|
| Equity cap value: | $136.32695, 118.7% of initial equity value
|
| Pricing date: | May 23
|
| Settlement date: | May 31
|
| Underwriter: | Lehman Brothers Inc.
|
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