By Susanna Moon
Chicago, July 18 – UBS AG, London Branch priced $500,000 of phoenix autocallable notes due Aug. 4, 2015 linked to Michael Kors Holdings Ltd. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 16% if Michael Kors stock closes at or above the 80% barrier level on an observation date for that quarter.
The notes will be called at par plus the contingent coupon if the shares close at or above the initial price on any quarterly observation date.
The payout at maturity will be par plus the contingent coupon unless the stock finishes below the 80% trigger level, in which case the payout will be a number of Michael Kors shares equal to $1,000 divided by the initial share price.
UBS Investment Bank is the underwriter with J.P. Morgan Securities LLC as the agent.
| Issuer: | UBS AG, London Branch
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| Issue: | Phoenix autocallable notes
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| Underlying shares: | Michael Kors Holdings Ltd. (Symbol: KORS)
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| Amount: | $500,000
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| Maturity: | Aug. 4, 2015
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| Coupon: | 16% per year, payable quarterly if stock closes at or above barrier level on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par plus contingent coupon if stock finishes at or above trigger price; otherwise, 12.3305 Michael Kors shares
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| Call: | At par plus contingent coupon if Michael Kors shares close at or above initial price on any quarterly observation date
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| Initial share price: | $81.10
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| Barrier level: | $64.88, 80% of initial share price
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| Pricing date: | July 16
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| Settlement date: | July 21
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| Underwriter: | UBS Investment Bank
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| Agents: | J.P Morgan Securities LLC
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| Fees: | 1%
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| Cusip: | 90270KCZ0
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