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Wachovia to sell Enhanced Growth Securities linked to Nabors Industries
By Jennifer Chiou
New York, June 8 - Wachovia Corp. is planning to offer notes due July 10, 2007 in the Enhanced Growth Securities structure linked to Nabors Industries Ltd. stock, according to a 424B5 filing with the Securities and Exchange Commission.
The securities are talked to yield 9% to 9.5%, payable quarterly.
Payout at maturity will be par unless Nabors Industries 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 Nabors Industries shares equal to $1,000 divided by the initial stock price.
The knock-in price will be 75% of the initial stock price.
Wachovia Securities will be the underwriter.
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