Published on 8/28/2006 in the Prospect News Convertibles Daily.
New Issue: Wachovia prices $36.208 million 16.5% enhanced yield securities linked to General Motors
By Jennifer Chiou
New York, Aug. 28 - Wachovia Corp. priced a $36.208 million issue of 16.5% enhanced yield securities due Sept. 5, 2007 linked to General Motors Corp. 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: | General Motors Corp.
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Amount: | $36.208 million
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Maturity: | Sept. 5, 2007
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Coupon: | 16.5%, payable quarterly
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Price: | Par
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Payout at maturity: | Par unless General Motors stock falls below knock-in price of $17.60 during the life of the notes and finishes below the initial price of $29.33, in which case 34.0948 General Motors shares
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Initial share price: | $29.33
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Knock-in price: | $17.60, 60% of initial price
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Exchange ratio: | 34.0948 General Motors shares, equal to par divided by initial share price
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Pricing date: | Aug. 25
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Settlement date: | Aug. 30
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Underwriter: | Wachovia Securities
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