Wachovia to price enhanced yield securities linked to TransOcean

By Angela McDaniels

Seattle, March 31 - Wachovia Corp. plans to price an issue of enhanced yield securities due May 15, 2007 linked to TransOcean Inc. stock, according to a 424B5 filing with the Securities and Exchange Commission.

The securities are talked to yield 9% to 10%, payable quarterly.

Payout at maturity will be par unless TransOcean stock falls below the knock-in price during the life of securities and the final stock price is less than the initial price, in which case holders will receive a number of TransOcean shares equal to $1,000 divided by the initial stock price.

The knock-in price will be 75% of the initial stock price.

The securities are expected to price in April and settle in May.

Wachovia said it applied to list the securities on the American Stock Exchange under the symbol "WAC.C."

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.