Wachovia to price enhanced yield securities linked to Southwestern Energy

By Angela McDaniels

Seattle, March 7 - Wachovia Corp. plans to price an offering of enhanced yield securities due April 3, 2008 linked to the common stock of Southwestern Energy Co., according to a 424B5 filing with the Securities and Exchange Commission.

The securities will have a coupon of between 11% and 12%, with the exact rate to be determined at pricing. Interest will be payable quarterly.

The payout at maturity will be par unless Southwestern Energy stock falls by 25% or more during the life of the securities and finishes below its initial share price, in which case the payout will be a number of Southwestern Energy shares equal to $1,000 divided by the initial share price.

Wachovia Securities will be the underwriter.

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