Evergreen’s Parent Wachovia to Purchase Lehman Debt in Money Funds

Evergreen Investments announced Tuesday that its parent, Wachovia Corp., will purchase Lehman Brothers debt held in three of its money market mutual funds: the Evergreen Money Market Fund, Evergreen Institutional Money Market Fund and Evergreen Prime Cash Management Fund.

Wachovia first entered into support agreements for the funds earlier this month and said it will complete the purchase today.

In addition, Evergreen signed up for the U.S. Treasury Department’s Money Market Guarantee Program.