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UBS plans airbag phoenix autocallable notes linked to Gilead Sciences
By Marisa Wong
Madison, Wis., July 8 – UBS AG, London Branch plans to price airbag phoenix autocallable notes due Jan. 15, 2016 linked to Gilead Sciences, Inc. shares, according to an FWP filing with the Securities and Exchange Commission.
The notes will pay a monthly contingent coupon at an annual rate of 6% to 8% if Gilead shares close at or above the coupon barrier, 80% of the initial share price, on the observation date for that month.
If the stock closes at or above the initial price on any quarterly autocallable observation date, the notes will be called at par plus the contingent coupon.
If the notes are not called and the shares finish at or above the conversion price, 85% of the initial share price, the payout at maturity will be par. Otherwise, investors will receive a number of shares of Gilead stock equal to $1,000 divided by the conversion price.
The exact deal terms will be set at pricing.
UBS Financial Services Inc. and UBS Investment Bank are the agents.
The notes will price on July 11 and settle on July 16.
The Cusip number is 90273E456.
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