New issue: UBS prices $200,000 22.73% reverse convertibles linked to Netflix

By Toni Weeks

San Diego, April 18 - UBS AG, London Branch priced $200,000 of 22.73% annualized reverse convertible securities due July 21, 2011 linked to the common stock of Netflix, Inc., according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be payable monthly.

The payout at maturity will be par unless Netflix shares fall below the trigger price - 80% of the initial share price - during the life of the notes and finish below the initial share price, in which case the payout will be 4.2836 Netflix shares per $1,000 of notes.

UBS Securities LLC and UBS Investment Bank are the underwriters.

Issuer:	UBS AG, London Branch
Issue:	Reverse convertible notes
Underlying stock:	Netflix, Inc. (Nasdaq: NFLX)
Amount:	$200,000
Maturity:	July 21, 2011
Coupon:	22.73%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Netflix fall below the trigger price of $186.76 and finish below the initial price, in which case 4.2836 shares of Netflix stock
Initial price:	$233.45
Trigger price:	$186.76, 80% of initial price
Pricing date:	April 18
Settlement date:	April 21
Underwriters:	UBS Securities LLC and UBS Investment Bank
Fees:	2%
Cusip:	902674EY2

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