Published on 2/8/2006 in the Prospect News Biotech Daily and Prospect News Convertibles Daily.
New Issue: Wachovia sells $2 million exchangeables linked to Johnson & Johnson at 2%, up 14.75%
By Jennifer Chiou
New York, Feb. 8 - Wachovia Corp. sold $2 million of 2% exchangeable notes due Feb. 15, 2012 linked to Johnson & Johnson stock with a 14.75% initial exchange premium, according to a 424B5 filing with the Securities and Exchange Commission.
| Issuer: | Wachovia Corp.
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| Issue: | Exchangeable notes
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| Underlying stock: | Johnson & Johnson
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| Amount: | $2 million
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| Maturity: | Feb. 15, 2012
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| Coupon: | 2%, payable semiannually
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| Price: | Par
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| Yield: | 2%
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| Initial exchange premium: | 14.75%
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| Exchange ratio: | 15.3291 Johnson & Johnson shares per note beginning March 11
|
| Call: | Feb 9, 2009 onwards at par, exchange for Johnson & Johnson stock if more valuable
|
| Payout at maturity: | Par plus accrued interest
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| Pricing date: | Feb. 6
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| Settlement date: | Feb. 9
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| Underwriter: | Wachovia Securities
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