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UBS to price 10.5% to 13.5% reverse convertibles tied to Wells Fargo
By E. Janene Geiss
Philadelphia, Sept. 17 - UBS AG plans to price 10.5% to 13.5% annualized reverse convertible notes due March 31, 2010 linked to the common stock of Wells Fargo & Co., according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable monthly.
The payout at maturity will be par unless Wells Fargo stock falls below the trigger price - 70% of the initial share price - during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Wells Fargo shares equal to $1,000 divided by the initial share price.
The notes are expected to price on Sept. 28 and settle on Sept. 30.
UBS Financial Services Inc. and UBS Investment Bank will be the underwriters.
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