Wachovia to price enhanced yield securities linked to Las Vegas Sands

By Susanna Moon

Chicago, Nov. 5 - Wachovia Corp. plans to price enhanced yield securities due Sept. 2, 2008 linked to the common stock of Las Vegas Sands Corp., according to a FWP filing with the Securities and Exchange Commission.

The securities will carry a coupon of 10% to 11%, payable monthly. The exact coupon will be determined at pricing.

The payout at maturity will be par unless the stock falls by 35% or more during the life of the securities and finishes below the initial share price, in which case the payout will be a number of Las Vegas Sands shares equal to $1,000 divided by the initial share price.

No timing for the offering was disclosed.

Wachovia Capital Markets, LLC will be the underwriter.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.