Wachovia sells $3.5 billion in preferred shares

NEW YORK, Feb 6 - Wachovia Corp (WB.N: Quote, Profile, Research) said on Wednesday that it sold $3.5 billion of preferred shares as the bank looks to rebuild its capital position.
The preferred shares pay a dividend of 7.98 percent for 10 years, and then change to floating interest rates. The shares may be redeemed after 10 years.
Wachovia's Tier 1 capital ratio, a measure of capital strength, was 7.2 percent at Dec. 31. This issue would essentially raise that ratio to 7.9 percent. (Reporting by Dan Wilchins, editing by Gerald E. McCormick)