By Wendy Van Sickle
Columbus, Ohio, Sept. 24 – UBS AG, London Branch priced $50 million of fixed-to-floating rate notes due Sept. 24, 2022 linked to SOFR, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 0.4% per year initially. Beginning on Dec. 29, the interest rate is SOFR plus a spread of 35 basis points, subject to a floor of 0%. Interest is payable quarterly.
The payout at maturity will be par.
UBS Securities LLC and Citigroup Global Markets Inc. and are the agents.
| Issuer: | UBS AG, London Branch
|
| Issue: | Fixed-to-floating rate notes
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| Underlying rate: | SOFR
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| Amount: | $50 million
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| Maturity: | Sept. 24, 2022
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| Coupon: | 0.4% per year until Dec. 29; then SOFR plus 35 bps, with floor of 0%; payable quarterly
|
| Price: | Par
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| Payout at maturity: | Par
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| Pricing date: | Sept. 22
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| Settlement date: | Sept. 24
|
| Agents: | UBS Securities LLC and Citigroup Global Markets Inc.
|
| Fees: | 0.5%
|
| Cusip: | 90276BHR7
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