New Issue: UBS prices $1.95 million 10.05% reverse convertibles linked to Apple

By Toni Weeks

San Diego, April 16 - UBS AG, London Branch priced $1.95 million of 10.05% annualized reverse convertible securities due Oct. 19, 2012 linked to the common stock of Apple Inc., according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

The payout at maturity will be par unless Apple shares fall below the trigger price - 80% of the initial share price - during the life of the notes and finish below the initial share price, in which case the payout will be 1.7221 Apple shares per $1,000 of notes.

UBS Securities LLC and UBS Investment Bank are the underwriters.

Issuer:	UBS AG, London Branch
Issue:	Reverse convertible notes
Underlying stock:	Apple Inc. (Nasdaq: AAPL)
Amount:	$1,945,000
Maturity:	Oct. 19, 2012
Coupon:	10.05%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Apple shares fall below the trigger price of $464.54 during the life of the notes and finish below the initial price, in which case 1.7221 shares of Apple stock per $1,000 principal amount
Initial price:	$580.68
Trigger price:	$464.54, 80% of initial price
Pricing date:	April 16
Settlement date:	April 19
Underwriters:	UBS Securities LLC and UBS Investment Bank
Fees:	2.41%
Cusip:	902674HP8

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