Wachovia to price enhanced yield securities linked to Vertex

By Jennifer Chiou

New York, June 1 – Wachovia Corp. plans to price enhanced yield securities due April 10, 2008 linked to Vertex Pharmaceuticals Inc. stock, according to a 424B5 filing with the Securities and Exchange Commission.

The securities are talked to yield 12% to 13%, payable quarterly.

Payout at maturity will be par unless Vertex Pharmaceuticals stock falls below the knock-in price during the life of the securities and the final stock price is less than the initial stock price, in which case holders will receive a number of Vertex Pharmaceuticals shares equal to $1,000 divided by the initial stock price.

The knock-in price will be 70% of the initial stock price.

Wachovia Securities will be the underwriter.

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