Published on 10/30/2006 in the Prospect News Structured Products Daily.
New Issue: Wachovia prices $6.526 million 10% notes linked to Las Vegas Sands
By Angela McDaniels
Seattle, Oct. 30 - Wachovia Corp. priced a $6.526 million issue of 10% enhanced yield securities due Nov. 5, 2007 linked to the common stock of Las Vegas Sands Corp., according to a 424B5 filing with the Securities and Exchange Commission.
The payout at maturity will be par unless Las Vegas Sands stock is equal to or lesser than the knock-in price of $52.53 during the life of the securities and finishes below the initial price of $75.04, in which case the payout will be a number of Las Vegas Sands shares equal to $1,000 divided by the initial share price.
Issuer: | Wachovia Corp.
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Issue: | Enhanced yield securities
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Underlying stock: | Las Vegas Sands Corp.
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Amount: | $6.526 million
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Maturity: | Nov. 5, 2007
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Coupon: | 10%, payable quarterly
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Price: | Par
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Payout at maturity: | Par unless Las Vegas Sands hits the knock-in price of $52.53 during the life of the securities and finishes below the initial price of $75.04, in which case 13.3262 Las Vegas Sands shares
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Initial share price: | $75.04
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Knock-in price: | $52.53, 70% of initial share price
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Pricing date: | Oct. 27
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Settlement date: | Nov. 1
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Underwriter: | Wachovia Securities
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Underwriting discount: | 225 basis points, or 200 bps if the securities are sold on an agency basis only
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