Published on 8/29/2006 in the Prospect News Convertibles Daily.
New Issue: Wachovia prices $9.47 million 9.25% enhanced yield securities linked to Alcoa
By Jennifer Chiou
New York, Aug. 29 - Wachovia Corp. priced a $9.47 million issue of 9.25% enhanced yield securities due Sept. 5, 2007 linked to Alcoa, Inc. 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: | Alcoa, Inc.
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| Amount: | $9.47 million
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| Maturity: | Sept. 5, 2007
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| Coupon: | 9.25%, payable quarterly
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| Price: | Par
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| Payout at maturity: | Par unless Alcoa stock falls below knock-in price of $23.08 during the life of the notes and finishes below the initial price of $28.85, in which case 34.662 Alcoa shares
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| Initial share price: | $28.85
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| Knock-in price: | $23.08, 80% of initial price
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| Exchange ratio: | 34.662 Alcoa shares, equal to par divided by initial share price
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| Pricing date: | Aug. 28
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| Settlement date: | Aug. 31
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| Underwriter: | Wachovia Securities
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