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Wachovia to sell notes linked to Google
New York, Jan. 17 - Wachovia Corp. is planning an offering of notes in the Callable Enhanced Yield Securities structure linked to the common stock of Google Inc., according to a 424B5 filing with the Securities and Exchange Commission.
The notes will pay a coupon of 10% and mature on Feb. 1, 2007.
The price per security will be one-fortieth of Google's stock price.
At maturity, the securities will be exchanged for Google stock at the rate of one-fortieth of a share per note.
The notes will be callable from Aug. 1, 2006 at a price to give a specified yield to call. The level will be set at pricing and is expected to be between 185 and 22%.
Wachovia has applied to list the securities on the American Stock Exchange under the symbol "NKW."
Wachovia Securities will be the underwriter.
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