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Home > Breakingview TV > WaMu vs. Wachovia
By Lauren Silva Laughlin
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Wachovia priced $3.5bn, or 145.8m shares of common stock, at $24 a share, a 14% discount to the previous day close. It also sold $3.5bn of non-cumulative perpetual convertible class A preferred stock which will be convertible at any time into 32m shares of Wachovia’s common stock, plus cash in lieu of fractional shares, equivalent to an initial conversion price of approximately $31.20 per share, a 12% premium to the previous day close.
lauren.laughlin@breakingviews.com