Published on 9/5/2007 in the Prospect News Structured Products Daily.
New Issue: Wachovia sells $31.9 million 16.5% enhanced yield securities linked to Ford
By Susanna Moon
Chicago, Sept. 5 - Wachovia Corp. priced $31.92 million of 16.5% enhanced yield securities due June 5, 2008 linked to Ford Motor Co. stock, according to a 424B5 filing with the Securities and Exchange Commission.
Interest is payable quarterly.
The payout at maturity will be par unless Ford stock falls below the knock-in price of $5.467 during the life of the notes and the final stock price is less than the initial price of $7.81, in which case investors will receive 128.041 Ford shares.
Wachovia Capital Markets, LLC is the underwriter.
Issuer: | Wachovia Corp.
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Issue: | Enhanced yield securities
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Underlying stock: | Ford Motor Co. (NYSE: F)
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Amount: | $31,917,000
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Maturity: | June 5, 2008
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Coupon: | 16.5%, payable quarterly
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Price: | Par
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Payout at maturity: | Par unless Ford stock falls below knock-in price of $5.467 during the term of notes and the final stock price is less than the initial price of $7.81, in which case 128.041 Ford shares
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Initial price: | $7.81
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Knock-in price: | $5.467, or 70% of initial price
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Exchange ratio: | 128.041 Ford shares, equal to $1,000 divided by $7.81
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Pricing date: | Aug. 31
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Settlement date: | Sept. 6
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Underwriter: | Wachovia Capital Markets, LLC
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Fees: | 1.75%
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