Wachovia to issue call warrants linked to S&P 500, Russell 2000

By Jennifer Chiou

New York, March 21 - Wachovia Corp. plans to price relative performance call warrants due April 17, 2009 linked to the performance of the S&P 500 versus the Russell 2000 index, according to a 424B5 filing with the Securities and Exchange Commission.

The maximum initial price will be between $6.00 and $6.50 per warrant.

The cash settlement value of each warrant will be the greater of $0 and the amount by which the S&P 500 outperforms the Russell 2000, which is also the warrant strike level.

The exercise values will be determined on the valuation date and will have a multiplier equal to $75.00 divided by the closing level.

The warrants will be exercisable on any trading day beginning sometime in April and ending on April 14, 2009.

Wachovia said it will apply to list the warrants under "RWP.WS" on the American Stock Exchange.

Wachovia Securities and Oppenheimer & Co. Inc. will be the underwriters.

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