Wachovia to price 0% notes exchangeable for Corning

By Angela McDaniels

Seattle, Feb. 2 - Wachovia Corp. will price an offering of 0% notes due Feb. 15, 2012 exchangeable for Corning Inc. stock, according to a 424B5 filing with the Securities and Exchange Commission.

The notes become exchangeable in March and are callable beginning February 2009, with exact dates to be determined at pricing.

The exchange ratio will also be determined at pricing.

If Wachovia calls the notes, holders will receive par unless the number of shares to be issued in exchange is more valuable, in which case the notes will automatically exchange for stock.

The payout at maturity is par.

Wachovia Securities 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.