By Toni Weeks
San Luis Obispo, Calif., May 30 - UBS AG, London Branch priced $1 million of phoenix autocallable notes due June 2, 2017 linked to Terex Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
If Terex stock closes at or above the 70% barrier level on a quarterly observation date, the notes will pay a contingent coupon at an annualized rate of 11.4% for that quarter.
If the shares close at or above the initial price on any quarterly observation date, the notes will be called at par plus the contingent coupon.
If the notes are not called and Terex shares finish at or above the 70% trigger price, the payout at maturity will be par plus the contingent coupon.
Otherwise, investors will receive a number of Terex shares equal to $1,000 divided by the initial share price or, at the issuer's option, the cash value of those shares.
J.P Morgan Securities LLC and UBS Investment Bank are the agents.
| Issuer: | UBS AG, London Branch
|
| Issue: | Phoenix autocallable notes
|
| Underlying stock: | Terex Corp. (Symbol: TEX)
|
| Amount: | $1 million
|
| Maturity: | June 2, 2017
|
| Coupon: | 11.4% per year, payable quarterly if stock closes at or above barrier level on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par plus contingent coupon if Terex shares finish at or above trigger price; otherwise, 25.45 Terex shares or, at issuer's option, cash value of those shares
|
| Call: | At par plus contingent coupon if Terex shares close at or above initial price on any quarterly observation date
|
| Initial share price: | $39.29
|
| Barrier/trigger price: | $27.50, 70% of initial share price
|
| Pricing date: | May 27
|
| Settlement date: | May 30
|
| Agents: | J.P Morgan Securities LLC and UBS Investment Bank
|
| Fees: | 2%
|
| Cusip: | 90270KCA5
|
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