Published on 4/19/2005 in the Prospect News Convertibles Daily.
New Issue: Wachovia sells $5.36 million 7% trigger notes linked to Nabors Industries
New York, April 19 - Wachovia Corp. sold $5.36 million of 7% one-year notes linked to Nabors Industries Ltd. common stock in the Trigger Capitals structure, according to a 424B5 filing with the Securities and Exchange Commission.
Issuer: | Wachovia Corp.
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Issue: | Trigger Capitals senior notes
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Underlying stock: | Nabors Industries Ltd.
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Amount: | $5.361 million
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Maturity: | April 25, 2006
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Coupon: | 7%, payable quarterly
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Price: | Par
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Yield: | 7%
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Payout at maturity: | Par unless stock falls below trigger price during term of notes, in which case par multiplied by final stock price divided by initial stock price, capped at par
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Trigger price: | $38.97, 70% of initial price of $55.6752
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Conversion price: | $55.6752
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Pricing date: | April 18
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Settlement date: | April 25
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Listing: | "WDB.J" on American Stock Exchange
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Underwriter: | Wachovia Securities
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