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UBS plans 9.25%-12.25% yield optimization notes on Starwood Hotels
By Susanna Moon
Chicago, Nov. 4 - UBS AG, London Branch plans to price 9.25% to 12.25% annualized yield optimization notes with contingent protection due May 20, 2011 based on Starwood Hotels & Resorts Worldwide, Inc. shares, according to an FWP filing with the Securities and Exchange Commission.
The face amount of each note will be equal to the closing price of Starwood Hotels stock at pricing.
Interest will be payable monthly.
If Starwood Hotels shares finish at or above 80% of the initial price, the payout at maturity will be par in cash. Otherwise, the payout will be one Starwood Hotels share per note.
The notes (Cusip 90267F824) will price on Nov. 15 and settle on Nov. 18.
UBS Financial Services Inc. and UBS Investment Bank are the underwriters.
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