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UBS plans contingent income autocallable notes linked to Blackstone
By Marisa Wong
Madison, Wis., Sept. 3 – UBS AG, London Branch plans to price contingent income autocallable securities due Sept. 8, 2017 linked to Blackstone Group LP units, according to an FWP filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 10% if Blackstone stock closes at or above the downside threshold level, 75% of the initial share price, on any quarterly determination date.
The notes will be redeemed at par of $10 plus the contingent coupon if the stock closes at or above the initial price on any of the first 11 quarterly determination dates.
If the notes are not called and the final share price is greater than or equal to the 75% downside threshold level, the payout at maturity will be par plus the contingent coupon.
Otherwise, the payout will be a number of Blackstone shares equal to $10 divided by the initial share price or, at the issuer’s option, the cash equivalent.
UBS Securities LLC is the agent with Morgan Stanley Smith Barney LLC handling distribution.
The notes will price on Sept. 5 and settle on Sept. 10.
The Cusip number is 90273L476.
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