UBS to sell 11.25% reverse convertible notes linked to Schlumberger

By Susanna Moon

Chicago, June 16 - UBS AG plans to price 11.25% annualized reverse convertible notes due Dec. 31, 2009 linked to Schlumberger Ltd. shares, according to an FWP filing with the Securities and Exchange Commission.

The payout at maturity will be par in cash unless the stock falls below the trigger price - 70% of the initial price - during the life of the notes and finish below the initial price, in which case investors will receive a number of Schlumberger shares equal to $1,000 divided by the initial price.

The notes are expected to price on June 25 and settle on June 30.

UBS Investment Bank is the underwriter.

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