NEW YORK -- Wachovia Corp. said Tuesday that it will assist its subsidiary Evergreen Investments by buying leftover debt from Lehman Brothers, the bankrupt investment bank.
Specifically, Wachovia will buy debt from the Evergreen Money Market Fund, Evergreen Institutional Money Market Fund, and Evergreen Prime Cash Management Fund. The funds have $29 billion in combined assets and $494 million in Lehman credit exposure.
Citigroup Inc. is buying Wachovia for about $2.16 billion in a deal orchestrated by the government. In addition to assuming $53 billion of debt, Citigroup will absorb up to $42 billion of losses from Wachovia's $312 billion loan portfolio.
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